There has been a steady increase in the number of studies investigating the determinants of product innovation in the industrial sectors of emerging economies. This research analyses the relationship between Research and Development (R&D) activities and technology acquisition on the one hand, and product innovation in the industrial sector in Colombia on the other with respect to frm size and high-tech and low-tech frms. We used data from the Colombian National Administrative Department of Statistics for the period 2003 to 2012. The results show that both R&D activities and technology acquisition foster product innovation but the former has a stronger impact. Small and low-tech firms rely more on co-operation agreements while large high-tech firms depend on their formal R&D infrastructure. Based on these findings, key industrial policy implications are discussed