The Internet of Things are thought to be the third wave of IT-driven competition, which is expected to be a much bigger revolution than the past two waves, computer and the Internet. As IoT involve multiple technologies, and intellectual property rights (IPRs) are especially important for industries involving multiple technologies, firms shall develop a proper IPRs strategy to gain the rent that a firm deserves. This research aims to analyze the IPRs strategy for value creation of the IoT industry. Patent strategy based on theories of Granstrand, Fisher III & Oberholzer-Gee and Reitzig are integrated, with the possibilities of securing freedom to operate or to share/license the IPRs. A questionnaire is used and interviews are carried out with IoT firms to evaluate and formulate practical IPRs strategies. This paper identified IoT competition as between alliances and standards, and that a proper IPRs strategy needs to be tailored according to such competition and each individual firm's condition.
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