This article aims to understand the relationship between the sources of innovation and types of innovation in industry. The study was carried out in a multinational car components company and explores the effects of internal and external sources of innovation on the generation of product/process and radical/incremental innovations. Data were obtained via a questionnaire and processed by qualitative and quantitative methods. The characterization of the company and its research and development (R&D) projects disclosed the importance of continuous improvement, where the involvement of senior management, the high percentage of R&D and the number of innovation projects are indicators of a company with a strong innovative culture. The results showed that higher education was the most significant source of innovation in projects where only process innovation was a factor. Furthermore, knowledge generated by collaboration with affiliated companies was associated with the introduction of product-only innovations. As for the degree of novelty, the results indicate that the introduction of radical innovations is not determined at the external level by customers.