This paper reports the results of an original empirical study of the relationship between intellectual property and the financial performance of technology firms in the bioscience-technology industries. The study found a statistically significant positive relationship between the firms' investments in intellectual property and their performance. The performance measure was based upon revenue-growth data collected from each firm, and the categories of intellectual property analyzed included patents, trade secrets, trademarks, copyright and licenses to externally sourced technology. The study also found that the financial benefits of accumulating a strong intellectual property portfolio were enjoyed by technology firms regardless of whether they were strategically oriented towards R&D or strategically oriented towards the commercial production of products and services. His research and teaching concentrate on the management of intellectual property, technology-based entrepreneurship, and strategic planning for technology-based industry development. He holds doctorates in both strategic management and technology studies, and a master of laws degree in intellectual property law. Professor Willoughby has extensive experience as an educator, researcher, consultant and program leader in the United States, Europe, Asia and Australia, including a variety of university-industry collaboration projects, technology commercialization projects and executive education projects. the production of goods or services-makes any difference to the level and character of the impact of intellectual property on its business performance.