Abstract Precision agriculture technologies (PATs) have revolutionized the agriculture industry and provide many benefits to farmers. Among these benefits is the ability to conduct experiments in a process known as on‐farm precision experimentation (OFPE). By conducting these experiments and through collaboration with researchers, crop consultants, and extension agents, farmers can learn site‐specific management practices to better address challenges in their operations. However, adoption rates of these technologies have remained below 50% in the United States. Furthermore, very few studies have explored the factors that influence a farmer's decision to conduct experiments, or their willingness to collaborate with external stakeholders such as researchers, crop consultants, and extension agents. Therefore, the objectives of this study are to measure farmers' perceptions of PATs and OFPE, identify farmer characteristics associated with OFPE, and explore their willingness to engage in collaborative OFPE. Respondents perceive that PATs help them make better decisions for their operations (84.6%), and 96.3% of those who conduct on‐farm experiments use PATs to do so. Operators whose farms are 1,000 acres or larger, who operate on rented acreage, and who adopt PATs are more likely to engage in on‐farm experimentation. While most OFPE is conducted without external engagement, nearly half of respondents are interested in collaborative OFPE. These results may help guide researchers, crop consultants, and extension personnel as they look for opportunities to collaborate with farmers. This collaboration can help address questions of mutual interest and work toward solutions to the economic and environmental challenges facing agriculture.