To improve capabilities in a knowledge-based environment such as Product Development (PD), eliciting expert knowledge is a critical step. This is however underemphasised by many process improvement techniques. This paper studies in depth four improvement initiatives in four companies using PD Value Stream Mapping (PDVSM) techniques and describes lessons learned from both the successes and failures of more than 13 mappings. It demonstrates how PDVSM is valuable for bringing experts together to overcome compartmentalised thinking and for face-to-face sharing of tacit knowledge, both critical for improving the PD system. PDVSM addresses knowledge about PD procedures not to be found in handbooks or process descriptions and identifies improvements at interfaces and handovers, both common sources of wastes in PD.