Intellectual property (IP) tools are generally assumed to be the domain of lawyers. However, IP tools are a critical component of business strategies. IP tools must be accompanied by a full business strategy and like any tool must be used in context to be effective. This chapter describes the importance of IP tools as part of an inclusive IP business repositioning strategy. It shows the impact of IP business for successful companies. The chapter also describes several IP tools, namely: trademarks, certification marks, geographical indications, and licensing and how to use them. It provides insight from an interview with David Cardwell, the licensing agent behind the most successful licensing strategy in Europe – Star Wars. The chapter illustrates successful IP licensing strategy for least developed countries (LDCs) and distinguishes merchandise licensing from franchise licensing. It then compares and contrasts the most effective IP tools for IP business positioning.