Prominent research in strategic imitation, exploration, exploitation, and organizational learning identifies imitation as a less costly alternative to experimentation. Yet, its role in the exploration–exploitation dilemma remains underexplored in the literature. This study employs an agent-based model to examine how two distinct agent types—those who imitate and those who experiment—interact and influence each other. The model incorporates the concept of “satisficing” derived from the behavioral theory of the firm, along with insights from research on imitative heuristics. The findings reveal that overcrowding affects both agent types negatively. Imitators suffer from diminished performance due to intensified competition, which increases as more imitators join the system. Meanwhile, explorers are hindered in their attempts at radical innovation due to the presence of other explorers and clusters of imitators. This paper contributes to the field as the first to model individual agents as ‘satisficers’ within a competitive exploration–exploitation framework. By incorporating imitation, it provides novel insights into the dynamics of organizational learning and strategic decision-making.