Collaborative innovation spaces (CIS) can bring together multiple actors to enhance creativity, collaboration and knowledge exchange, sometimes leading to innovation. In this paper, we suggest that CIS can be categorized into three broad types (internal to the firm, external and virtual) and that each type is related to innovation processes, knowledge‐sourcing and geographic context in specific ways. Our results, based on an original firm‐level survey, reveal that there is heterogeneity with respect to firm attributes and innovation activities associated with different types of CIS. In particular, whilst innovation is associated with the use of CIS in general, radical and technological innovations are more strongly associated with internal CIS, whereas smaller firms tend to use virtual CIS. External CIS, whilst not associated with technological innovation, are associated with high‐tech firms. CIS use does not vary across geographic context. These results emphasize the importance of in‐person, internal, CIS for radical and technological innovation and the need to distinguish between different types of CIS in order to understand how each is associated with different types of innovation, knowledge‐sourcing and firm.