The aim of this paper is to examine the product innovation with regard to cooperation for innovative activities and innovative performance. Contemporary management and economic literature argues that product innovation is potentially related to firm performance (Kitsos, C. P, Hatzikian, Y., 2006). The innovative performance of Greek firms will be examined in terms of the potential relationship between the product innovation, cooperation and direct innovative output (sales) during the period 1994 to 2004. We study where innovations are developed, whether they are exclusively developed within the enterprise, whether they come from co-operation agreements or whether they are developed externally by other enterprises or organisations. In the economy of knowledge (OECD, 2001), theory and statistical data point out that innovation does not constitute an individual activity of enterprise. On the contrary the new technologies influence the total of operations and the organisation. (Kitsos, et. al., 2006). The analysis is based on the conceptual frame that developed by the EUROSTAT and the OECD (Handbooks Oslo and Frascati) and on the empirical data of CIS2, C1S3, CIS4. Therefore, we probe deep into considerations which influence the advancement of the innovation activity, through empirical evidence and statistical methodology.