Frank Rayal

Frank Rayal is a technology and market strategist with over two decades of experience in the technology ecosystems. He is a founding partner at Xona Partners, a boutique advisory firm specialized in new business and revenue incubation in Technology, Media and Telecommunications (TMT). Frank co-founded BLiNQ Networks and held senior product management, marketing and business development positions at Redline, Metawave and Ericsson. Frank holds a BS in Electrical Engineering (High Honors) from Case Western Reserve University, Cleveland, OH, and a MSc in Electrical Engineering and an MBA from the University of Toronto, Canada. He is a Senior Member of the IEEE, and a member of Professional Engineers Ontario.


My interests and activities lie in bridging the divide between technologies and markets to create new solutions and business opportunities. I work with executives on technology and market strategy, identify and validate market trends and opportunities and develop new services and solutions. I advise private equity investors and venture funds on technology and commercial due diligence, in addition to working with their portfolio companies on positioning for M&As. Over the years, I have engaged in areas that include the following:

New Business Incubation – Products, Services, and Markets

  • Market assessment and new market opportunities
  • Market entry strategy definition
  • Technology and market strategy validation
  • Strategic partnerships development
  • Competitive positioning, messaging and thought leadership
  • Technology assessment and IPR valuation
  • Monetization strategies and business models
  • Product roadmap and requirements validation
  • Value proposition development
  • Financial modelling and business case development


  • Due diligence – commercial, market and technology
  • Competitive positioning – pre-M&A market positioning and value proposition (CIM)
  • IP valuation, positioning and acquirer identification
  • Technology assessment

Examples of Recent Projects

  • Valuate IPR portfolio in an emerging technology
  • Position a company in home automation for M&A activities
  • Identify strategic partners and investors for a technology product company
  • Complete technology and market due diligence for an e-commerce platform developer
  • Validate market and industry assumptions and trends for an IoT infrastructure vendor
  • Assess threat and opportunities from an emerging process and technology to an incumbent vendor
  • Develop new and complementary wireless services for a fixed access service provider

To contact Frank press here.