IPRs and patents in particular may be viewed as tools for governing investment and trade in intangibles, new technologies in particular. Investments in R&D are incentivized by patents (albeit disputed how efficiently) and guided by patent information, as are necessary subsequent investments for the provision of innovations, typically being based on multiple technologies. An institution with property-like rights in intellectual creations (“intellectual rights”) is moreover pivotal for trade in intangibles necessary for open innovation, be it via partnering, venturing, licensing or technology intelligence. Licensing of usage rights is then a key tool for innovation governance, for instance in an innovation ecosystem. Licensing and technology trade on some kind of fair terms arethen often called for from private as well as public parties. However, there are many useful fairness principles but they typically give very different bargaining outcomes and value capture distributions, which will be discussed in the seminar. This should be of concern for IP managers and policy-makers, as well as for courts, patent offices and FRAND friendly stakeholders in the IP system in general.