Only in relatively recent times has intellectual property (IP) been fully recognised as an asset with genuine value. Today, it is readily acknowledged that IP can (and indeed must) be leveraged to support business strategies and generate revenue. This note explores some of the issues around technology licensing; that is, the licensing of IP rights subsisting in an inventive product or process in return for royalty income. The world of technology licensing is usually secretive and it is rare for the details of licences to become public knowledge. The lack of comparative data makes it particularly important for technology owners to have a clear strategy at the outset of a licensing programme to ensure they are exploiting their IP on terms in line with industry norms (or better) and with maximum economic benefit.