Importance of technology evaluation cannot be overemphasized to support the effective investment policy. Most of the technology evaluation relies on either quantitative analysis for the value or qualitative comparison due to some attribute. When qualitative comparison is made, typically not only individual attribute. but also overall score is evaluated by the committee of experts. In this paper, we consider the qualitative evaluation procedure used in a venture incubating center and validate if the relationship between the average score of individual attribute and the overall score is significant. Additionally, we identify if the initially evaluated scores are good indicators for the realized future value of technology. Structural equation modeling approach is used and we expect that our approach can make important contributions on improving the currently used technology evaluation method.