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The article deals with the conditions, directions and types of innovative activities diversification. It is shown that innovative activities diversification increases the competitiveness of an enterprise in the world market and aims at reducing an enterprise risks. However, small and medium-sized enterprises have the greatest risks. Directions and types of innovative activities risks reduction through diversification were highlighted. Innovative activities diversification can be characterized by its synergistic effect. It is determined that the use of diversification as a method of reducing innovative risk is only appropriate if the risk is not systematic, ie the risk associated with a specific activity or a product. In the future, it is recommended to deepen the study of the innovative sphere of diversification and develop unique types of diversification that would be of practical value not only to large enterprises, but also to medium and small business-structures.