As independent technological innovation is very difficult, there are more risks than other innovations. Independent technological innovations go through serial stages such as project selection, research development, marketing and achievements evaluation, but project selection is critic and related to innovation success. Based on the flow analysis, the article analyzes the risks of project selection and the consequences caused by incorrect selection, so it is necessary to research the risk of project selection. After analyzing the flows of project selection and its risks identification and quantification and the project selection risks，the author suggests that we must reasonably face the risks of project selection and take appropriate measures to be on guard and control the risks according to actual circumstances. Keywords: independent technological innovation; flow management; project selection; risk management 1.INTRODUCTION Independent technological innovation is a high-risk and high return, complex research activity, which generally through multiple stages, such as the project selection, innovative research, market-oriented
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