This paper explores how firms exploit the patent marketplace to organise their strategic value creation using different patent governance forms. The focus is on how firms use the patent marketplace (through buying, selling, licensing, cross-licensing or pooling) to realise specific forms of strategic value (related to financial and non-financial strategic aims). The patent marketplace is an institution where knowledge assets are exchanged for value creation. Therefore, understanding the functionality and efficiency of the patent marketplace is important for value creation. The case study - based on thirteen UK ICT firms – explores the firms‟ patent governance, their behavioural patent incentives and the market obstacles they have experienced. This paper shows that patents are exchanged through specific forms of patent governance (such as buying, selling, out or in-licensing, cross-licensing and pooling) in order to realise specific kinds of strategic value. However, institutional inefficiencies may hamper the value creation process. Therefore, the obstacles that prevent the governance within the patent marketplace from functioning smoothly are also explored.