The article highlights the importance of innovation in an industrial enterprise. The life cycle of the project of innovative activity of an industrial enterprise, which is a set of actions forming an ellipsoid of innovation development and refers to the most risky management decisions, is considered. The allocation of stages of an innovation project is necessary for the effective implementation of innovative activities in industrial enterprises. The stages of the product life cycle of innovation activity are analyzed. The life cycle of an innovation product consists of four main stages and is longer in time. The purpose of the study is to identify the risks of innovation in industrial enterprises. In the modern sense, economic risk is a particular situation that has an uncertain outcome, with the obligatory presence of adverse consequences. In another modern interpretation - this is only the possibility of an unfavorable outcome, a deviation of the planned value from the actual one by one expected phenomenon. Based on the analysis of scientific literature, risks that need to be managed and minimized have been identified at all stages of the project’s innovation activity. The General risks of innovation activity are highlighted. Three main approaches to the consideration of innovation risk are considered and it is clarified that this gradation depends on many factors such as the extent of risk spread, its impact on the activities of an industrial enterprise. The classification of types of innovative risk is presented. In conclusion, the authors note the need for and appropriateness of the ratio stage in the life cycle of the innovation project risks, with the aim of developing available risk assessment methodologies for industrial enterprises taking into account their features to minimize costs associated with risks.