This paper is an attempt to analyse the interface between and among innovation, technology, knowledge and intellectual property in today\'s global internet society. The purpose of this paper is twofold. We analyse the role of measurement and intangibility in the standard-making process of intellectual property, especially differences in intellectual property across regions of the world. Secondly, we emphasise the importance of measurement costs, and intangibility of value in technology management, and knowledge in organisations, institutions and society in the 21st century. Such factors have been relatively under researched in technology and innovation management research.