This research studies the patents, intellectual properties and licensing landscape of the Light Emitting Diode (LED) industry. The ontology of LED technology is described and defined as four major sub-technology domains. The finding provides LED companies with consistent knowledge of their own and their competitors patents and intellectual property rights (IPR) ownership. Major LED companies often use their IPRs to gain and protect their market competitiveness, to form alliances, and to create patent licensing or cross-licensing strategies. Newly established LED technology companies competing with global industry leaders face many challenges unaddressed in the research literature. This research focuses on the empirical and quantitative analysis of historical IP and patent related conduct in relation to corporate strategy. Based on the heuristic rules derived from historical conduct, the research establishes a standardized analytical procedure to use in the evaluation of patent licensing and litigation. The results help researchers effectively and consistently analyze their technical capabilities, evaluate their patent licensing strategies, and review litigation in view of the LED-related IP and patent marketplace.