Although the Learning Organisation (LO) model presented by Marsick and Watkins (2003. “Demonstrating the Value of an Organization’s Learning Culture.” Advances in Developing Human Resources 5 (2): 132–151) gained significant acceptance in the academic and managerial areas, its operationalisation remains questionable. We reviewed the LO concept, analyzed its impact on the performance of new products and assessed its validity through three different specifications. We have used the Partial Least Square (PLS) software to study this question in a sample of biotechnology firms in France. The results showed that the most valid modeling approach considered LO as a second order construct of reflective-formative nature. Furthermore, when LO dimensions are implemented simultaneously, they are likely to generate a superior level of product innovation performance. We conclude the exposition by highlighting the implications of these findings.