This paper explores the risk perceptions of key stakeholders in SMEs when making decisions on technol-ogy investments. Current literature focuses on the nature of the technology from a technical perspectiveand its associated benefits to the SME. We seek to make a contribution that builds on the small but grow-ing work, which views investment technology decisions as the outcome of a process of both objective andsubjective risk assessment. Evidence presented in this paper suggests that subjective elements play animportant part in assessing technology risks. Our empirical findings are that both e-business experienceand the role of the decision-maker within the firm influences risk perception, whereas, sector differencesare more modest. One implication of our findings is that policy interventions should be more sensitiveand targeted at different types of stakeholders – owners, IT professionals and other individuals ratherthan on the sector in which the SME operates.