This paper discusses the benefits and strategy of using intellectual property for business advantage. It explores the use of patents to control new designs, as well as protection that can enable control over other intangible assets. The converse situation—maintaining freedom to operate in the face of a competitive intellectual property position—is also covered. Antitrust issues arising from participation in standard setting are discussed. In addition, legal issues arising out of the inherent conflict between standardized and proprietary products are considered.