The characteristics of product and process innovators among Finnish manufacturing firms with Community Innovation Survey (CIS) data are studied. Results of bivariate probit estimations suggest that, while the product and process innovations are related, they are largely driven by different factors. The ability to benefit from inward spillovers is the only variable having a symmetric effect onboth types of innovation. Cooperation with non-academic outside partners is the only other variable that becomes significant in both equations. Process innovations benefit from capital embodied technology, whereas product innovations require disembodied forms of technology.