Expanding upon Mansfield's framework (In: R&D, patents, and productivity. University of Chicago Press, pp 127–154, 1984; Am Econ Rev 78(2):223–228, 1988), this study seeks to unravel the foundational drivers influencing product and process innovation. Addressing the prevailing bias in research towards product innovation, tis study aims at highlighting the imperative role of process innovation in enhancing business competitiveness. In our study encompassing 509 entrepreneurs from Quebec, we used mixed methods to explore stakeholder relationship strategies—differentiated by bridging and buffering—and growth aspirations, as innovation drivers. Findings show that implementing bridging strategies, marked by expanded external connections and collaboration, stimulates both product and process innovation. However, the pursuit of process innovation concurrently attracts buffering strategies, entailing stringent secrecy and limited transparency to uphold the business independence. Our findings prove the business vulnerability when developing process innovation. Moreover, our study illuminates the pivotal role of growth aspirations in steering innovation, manifested in either collaborative (bridging) or protective (buffering) approaches, providing novel insights into the prevailing forces driving innovation. Our research contributes to current research by revealing the pivotal role of process innovation in shaping the innovation landscape. Elucidating innovation drivers enhances our understanding of the multifaceted dynamics fostering both product and process innovation, providing a framework for future investigations.