In an environment characterized by competition based on novelty, a knowledge-based economy valuing intangible assets, constant pressure on costs and increasing uncertainty, the management of intellectual property has become a key element of competitive advantage. The issue of Intellectual Property Rights (IPRs) is increasingly important in the business sphere and in academic literature. This article refers to this context of intensive use of Intellectual Property Rights. It aims at outlining how knowledge can be articulated along the “patent value chain.” The various roles of the patent are presented along this value chain in order to understand how firms can both create and capture value through the management of IPRs. JEL Codes: L20, O32