Title: Relationship between risk and innovation: Risk perception by project managers In an environment of uncertainty in the organizations, risk aversion from decision makers can be a rational behaviour, but reduces the ability to obtain innovate and then risk of failure increases. This paper analyses under an exploratory approach, the perception of the risk identified by Mexican innovation project leaders, in multinational companies. The results obtained from thirteen cases indicate that, there is no risk aversion and that the association between a higher level of profitability and greater risk is recognized, but that simple or intuitive methods are often used to manage risk. This highlights the need to train managers and executives with a wide risk and risk management overview, innovation and its relationship.