Innovation value chain is divided into three stages from R&D to the market process. Based on the design innovation barriers, process innovation barriers and market innovation barriers, this paper analyzed the effect of value innovation factors on innovation failure. The research shows that the innovation failure of our country’s enterprises shows a strong effect on both ends. Pre-post term failure of the IVC is greater than the medium term failure. The innovation barriers show critical path in function design, engineering capabilities and the business model. Market failure and technology failure are the main innovation failure mode in our country. Design innovation barriers mainly affect the technical failure and market failure. Market innovation barriers mainly affect the market failure and financial failure. The process innovation barriers have strong influence on the three kinds of failure patterns.