The vital role played by universities in producing creative and innovative products (protected by intellectual property) is becoming increasingly recognized both by policy makers and by the universities themselves. The universities are now often looking to tighten up their policies on intellectual property so as to maximize revenue, for instance through spin-off companies; but this arguably restricts the free flow of knowledge and scientific progress. The authors look in detail at this highly topical subject, both from a policy and a practical legal point of view, drawing upon research covering universities in a wide-range of countries including the UK, Australia, and North America.