Abstract: The effects between Discontinuous Innovation Orientation (DIO) and Technology-based Venture Performance (TVP) are analyzed based on the empirical study of 176 TVPs. A structural model of DIO and TVP is put forward and a survey to examine the model is conducted accordingly. Results suggest that there are the direct effect and indirect effect between DIO and TVP, with the firm capability as an intermediating factor. Uncertainties have modulating effects both on the relation between DIO and firm capabilities, and on the relation between firm capabilities and TVP. It is concluded that the technology-based ventures should follow discontinuous-innovation-oriented strategies to improve their performance under the condition of high uncertainty.