This article investigates how firms exploit various forms of intellectual property (IP), often at the same time, in order to organise their strategic value seeking. The analysis is based upon confidential micro-data involving a survey of a set of 38 firms in the information and communication technology (ICT) sector in the UK. The article shows how three quarters of those firms exchange different types of proprietary (patents and copyright) and non-proprietary (open source and trade in non-patented technology) IP, in order to realise specific kinds of strategic value related to financial gain, competitive positioning, innovation and strategic alliances or relationships. The important role of alternative types of IP governance models (including various licensing forms, and other) associated with specific value seeking behaviours is also illustrated. The findings open up an important line of enquiry into the relative advantages conferred by different forms of IP markets and IP governance forms, and these insights in turn can provide useful indications to policymakers interested in promoting firms' ability to exploit their IP.