A firm's innovation can be fostered either from the firm's internal research and development (R&D) efforts or from the external collaborative R&D activities. This paper attempts to examine the impact of multiple-source R&D collaborations on firm performance in different stages of the innovation process. The research employed a questionnaire survey of 165 Taiwanese firms in the information and communication technology sector and secondary industrial data were also collected. The results showed that in the technology exploration stage, R&D collaborations with universities and competitors and technology licensing from the government may increase a firm's repertoire of innovation directly, while technology licensing has a positive moderate effect on the relationship between internal innovation capability and repertoire of innovation. In the product exploitation stage, external R&D collaborations do not have a direct impact but rather have an indirect impact on market performance. R&D collaborations with universities as well as acquisition of licensed technologies from the government have a positive moderate effect on the relationship between a firm's repertoire of innovation and market performance whereas collaborations with competitors have a negative moderate effect.