This　paper　investigates　whether　firms　from　developing　countries　that　lag　the　global　technological　frontier　can　learn　from　technologically　successful　peers　as　a　means　of　closing　the　technological　gap　with　leaders　from　developed　countries.　We　define　technologically　successful　peers　as　those　that　hail　from　similar　home　countries,　operate　in　the　same　industry,　and　have　achieved　a　certain　degree　of　success　in　closing　the　gap　with　the　global　technological　frontier.　We　argue　that　technologically　successful　peers　represent　an　important　reference　group　for　lagging　firms　and,　as　such,　offer　opportunities　for　lagging　firms　from　developing　countries　to　hasten　technological　development.　We　find　that　lagging　firms　from　developing　countries　that　build　upon　the　knowledge　of　technologically　successful　peers　achieve　higher　rates　of　technological　improvement.　Moreover,　learning　from　technologically　proximal　successful　peers　helps　even　further　with　technological　improvement.　However,　there　are　limits　to　such　learning,　with　diminishing　marginal　returns　to　lagging　firms　that　over　rely　on　successful　peers.