The main purpose of this paper is to present a functional competencies model of CEOs technology-based firms. The relationship between functional competencies variables of: marketing management competency; financial management competency; technological management competency; and additionally four technology capabilities of: research & development; innovative decisions; marketing; manufacturing; and capital capabilities are examined. To fulfill these objectivities, the structural equation modeling (SEM) is used. The sample basis for survey related to the research is 121 new technology-based firms. The results have shown a significant direction relationship between the study variables and the acceptable fit. Moreover, there is a significant relationship between functional competency and capital capabilities in 99% confidence level. Functional competencies predict 17% to 41% of the variance in capital capabilities. Cronbach’s alphas for each of the 5 study variables were greater than 0.7. Functional competencies predict 33% of the variance in R&D and innovation decision capabilities, 41% of the variance marketing capabilities and 17% of the variance in manufacturing capabilities.