We investigate the two-way interrelationship between firm innovative performance and collaborative R&D with different partners (suppliers, clients, competitors and research institutions & universities), taking into account dynamic patterns of R&D collaboration. In a large panel of Spanish innovating firms, we find support for the proposition that it is continuous R&D collaboration rather than new or interrupted collaboration that enhances innovative performance. Strong prior innovative performance increases the probability of the formation of new collaborative ties, with the exception of collaboration with competitors, consistent with the notion that successful firms fear leakage of proprietary knowledge to rivals. Existing collaboration with one partner increases the likelihood of R&D collaboration with other types of partners, with the strongest effects evident for collaboration with research institutions & universities.