A comparison of the results of surveys of Australian, US and UK technology transactions confirms earlier work on the limited role of patents and the wide range of transactions encompassed in technology purchase and sale. However, there is considerable variation between countries and between buyers and sellers of technology, concerning the nature of technology transactions and the perceived importance of proprietary knowledge. Joint venture activity also occurs across a wide spectrum of firms and is usually aimed at product development rather than fundamental research or process/manufacturing innovation. Most firms have problems with technology agreements and the complexity of negotiations is a key issue, although experience and learning over a range of transactions tends to reduce their importance.