Reducing the risks of technological innovation in enterprises is the key to improving the technological innovation performance. This paper first identifies 18 potential risks based on the six-stage model of technological innovation, and then constructs the fuzzy failure mode and effect analysis (FMEA) method applied to the risk assessment of technological innovation based on the interval value intuitionistic fuzzy set. The method evaluates the severity, occurrence and detection of each potential risk by the interval valued intuitionistic fuzzy set. Risk priority numbers are obtained and sorted by the technique for order preference by similarity to ideal solution (TOPSIS)-based nonlinear programming solution, which can be used as a basis for prioritizing potential risks. At last, the feasibility of the fuzzy FMEA method is verified by an example of D-company's seat development project.