To obtain competitive advantages, the search for innovation and new technologies has motivated the interaction between different startups. The present study aims to evaluate technology risks in an innovation environment, using a performance measurement tool based on analytic hierarchy process (AHP) and theory of real options (TRO) aspects, allowing an overview of the main startups' risks and which events have a major influence on the technology to be commercialised. The valuation was applied to managers of six startups. In general, the results show that the innovation capital risks are approximately 1.4 times more impactful than the organisational capital risks.