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The paper seeks to examine the relationship between the number of competitive intelligence (CI) information topics used by small Canadian firms and their innovation performance, measured by the number of newly launched products, processes and services.

A CI information framework was applied including 42 information topics classified into four groups, i.e. industry, competitors, customers and firm. The 45 firms in the sample were classified into three types, i.e. new technology‐based, specialized supplier, and service firms. Statistical analysis was used to analyze the relationship between CI information and innovation.

Analysis of the results suggested that there was a clear relationship between the CI information firms used and their innovation performance, specialized suppliers firms were the most efficient users of CI information, information about industry and competitors was the least used but highly relevant for firms' innovation performance, and information about customers was found to be highly used and relevant for the innovation of all firms.

The methodological validation of the CI information framework could help executive managers in the development of analytical tools enhancing the role of CI for new product/process/service launch.

The results demonstrate the need for using appropriate firm classifications and in depth statistical analysis when studying the relationship between CI information and innovation.