Strategic innovation has been a perpetual research area in different forms of strategic management. Strategic innovation in organisations has been underpinned to develop new products. This study explores the academic literature to track the theoretical correlation between risks and strategic innovation. This study also identifies perceived risks in strategic innovation obtained from a literature review of the area. The insights generated from the bibliometric analysis are integrated with the rationale for risks in strategic innovation. The results indicate that although strategic innovation has been manifested in the pursuit of competitive advantage, the grey shade of strategic innovation, especially risks, is less explored. The findings from this study would facilitate in identifying microscopic perceived risks in strategic innovation and would aid in understanding the trade-off between benefits and risks in strategic innovation