Increasingly, many high-tech companies are acquiring or transferring "leases" to the innovations used to make products. In legal parlance, these innovations-which may include new manufacturing methods, applications, devices or improvements-are considered "intellectual property" (IP), and the "leases" are referred to as "licenses." The holography business, like many other high-tech businesses, has evolved over many decades and consists of many densely packed IP subspaces. However, the IP space is constantly expanding through the development of new innovations and applications, such as security and storage applications, and new materials. Additionally, like most IP, the quality and business value of holographic IP ranges widely, which makes for a challenging IP licensing environment. This paper addresses IP licensing issues in the holography business, including some basics about the forms of IP and the basic types of IP licenses, the role of an IP space analysis in licensing activities, best-practice management of licensing activities, and how IP is properly scrutinized to assess licensing potential. The concept of the patent pool is discussed in connection with security holograms as well as other technologies.