Purpose – The purpose of this thesis was to increase the understanding of how formal and informal intellectual property may affect value generation of strategic and financial values within the nanotechnology start-up sector. Method – This study had an inductive approach through a qualitative multi-case study. The data collection was carried out through 23 interviews, including four exploratory interviews and 19 semi-structured interviews. The collected data was continuously analyzed in order to identify concepts, themes and aggregated dimensions. The collected data was analyzed through two categories, namely type of intellectual property and prioritized type of value desired. Findings – Through protecting innovations nanotechnology start-ups seek both strategic and financial values. The findings show nanotechnology start-ups seek strategic values in the form of trustworthiness through qualified recognition, ability to increase in market share, and having a competitive presence on the market. The findings further show nanotechnology start-ups seek financial values in the form of effective resource allocation, direct income from market transactions, and ability to attain investors. Furthermore, the findings suggest that for nanotechnology start-ups to effectively generate strategic and financial values it can be beneficial to combine formal and informal IP where a combination of trade secrets and patents can be valuable. Theoretical contributions – The analysis resulted in a grounded theory articulation in the form of a conceptual framework describing the relationships between the type of IP and how it may affect value generation for nanotechnology start-ups. This study adds to previous research that aspects fulfilling market demands can be effectively protected by patents, and aspects difficult to reverse engineer can be effectively protected by trade secrets in order to generate strategic and financial value. This study also adds to theory by identifying enablers describing how nanotechnology start-ups can generate strategic and financial values, and which type of IP is associated with each enabler. Practical implications – This study provide managers within the nanotechnology start-up sector with a framework suggesting how to generate different values from protecting innovations. The study further concludes that there are six important aspects to consider in creating effective IP strategies within the nanotechnology start-up sector. These aspects include; mapping the technological environment and the commercial market, determining which actual strategic and financial values are important for the start-up, protecting different aspects of an innovation with different types of IP, having trade secrets on aspects of an innovation that are hard to reverse engineer, to formally protect aspects of an innovation that fulfills market demand, and making a plan for how the rights attained can generate value.