This study attempts to identify and evaluate the key elements associated with triggering and facilitating the cross‐boundary innovation of manufacturing enterprises. For this purpose, we used discourse analysis to construct a research framework of cross‐boundary innovation risks based on the in‐depth interview and semi‐structured questionnaire responses of the senior executives of 15 manufacturing enterprises in the central provinces of China. Results identify five main categories of cross‐boundary innovation risks, namely, cross‐boundary characteristics, cross‐boundary innovation process, subject intention, subject capability, and subject relationships. These categories are further refined into subcategories to theorize their interconnections, which guide the researchers in formulating strategies for reducing risks from cross‐boundary innovation. This study also proposes some strategies for controlling cross‐boundary innovation risks based on the case study findings and proposes an interesting viewpoint that adds to its theoretical and managerial implications. Specifically, this study identifies risk identification as the foundation of risk control and management for cross‐boundary innovation. The outcomes of this research not only introduce opportunities for future researchers to examine our propositions based on grounded theory but may also help practitioners in identifying the critical elements of cross‐boundary innovation.