This paper uses Stakeholder Theory to build on the Resource-Based View (RBV) of the firm – and its extension, the Knowledge-Based View (KBV) – and theoretically and empirically assesses how a choice of stakeholders with a diverse set of interests and motives affects the development of collaborative innovation. Theoretically, the paper discusses how collaborating with stakeholders with diverse motives and interests affects the development of diverse types of innovations; and whether and how a focal organisation's access to diverse information sources may influence the behaviour of different types of collaborators. The empirical analysis is based on Spanish Technological Innovation Panel (2015–2016) data. The results show that collaborations with secondary (primary) stakeholders are typically associated with the likelihood of developing eco-innovations (product and process innovations) and increased demand for skilled workers. We also find that access to diverse information sources is associated with the likelihood of collaborating with primary stakeholders only.