In today's continuously changing and dynamic business environment, no industry has been left behind by the revolutionary effect of technology. Technology has caused noticeable fundamental changes in the way companies operate and conduct their activities. This empirical paper was guided by a robust conceptual model that identifies the challenges of technological-based firms that manacle their performance drive. Three typologies of challenges namely, internal, external, and external linkages were examined for their effects on performance. Data was collected from top technology-based firms using factor and multiple regression analyses. We found both similarities and dissimilarities in the outcomes of the study. Specifically, both internal and external challenges are significantly associated with the restraints experienced by technology-based firms performance drive. Theoretical external linkages to contest these challenges and managerial implications of the findings are presented.