Purpose: The purpose of this conceptual paper is to name and categorize risks related to emerging technological innovations and to propose a number of countermeasures. The emphasis is placed on knowledge risks that are grouped under human, organizational and technological spheres and are presented from a small business perspective. Design/methodology/approach: The presented paper takes into account the prior literature and the authors’ thoughts and experiences to identify potential knowledge risks and countermeasures. Findings: Having a better overview of possible knowledge risks that may emerge in conjunction with the adoption and application of emerging technological innovations can help small businesses to better assess these new developments and their possible upsides and downsides. The proposed risks and countermeasures can also help policymakers as well as other organizations working for or together with smaller businesses to help them maintain and even increase their competitiveness. Practical implications: Different implications are suggested for not only managers and employees in small businesses but also other stakeholders working for or with small businesses. Originality/value: To the best of the authors’ knowledge, this paper is the first one that focuses on how small businesses can improve their decision-making regarding the adoption of new emerging technological innovation from a knowledge risk perspective.