The rapidly increasing relevance of intangible assets, i.e. nonmonetary but identifiable assets that lack physical substance, poses great challenges for managers at operational, tactic and strategic levels. Given the accelerating demand for innovations today, intangible assets in general and intellectual property (IP) in particular need to be at the core of a firm’s strategy. Thus, there is a growing need for managers to professionally account for and support value creation attributed to intangible assets and intellectual property rights in particular. With this paper we address the particular issue of measuring and managing IP performance in industrial R&D functions, more particularly measuring and managing patent portfolios from a value based perspective. In order to provide managers a practical toolset for managing IP, we evolve the IPERF model that has been developed for performance management in R&D functions. In this paper we present a managerial toolset, a dashboard, for industrial performance measurem