Although market transactions for technologies, ideas, knowledge, or information are limited by several imperfections, there is increasing evidence that they have become more common than in the past. In this paper we argue that these markets change the traditional mindset in which the only available option for a company wishing to introduce an innovation is to develop the technology in-house, or for a company developing the technology to own the downstream assets needed to manufacture and commercialise the goods. This affects the role of companies both as technology users (they can "buy" technologies) and as technology suppliers (they can "sell" technologies). The article also discusses other implications. In particular, it argues that a "division of innovative labour" can be a powerful mechanism for international technology transfer. It analyses an interesting example of the international diffusion of chemical processing technologies from the advanced world to the developing countries which has taken place through the intermediating role of firms specialising in the development and the supply of the technology. The article concludes by discussing national policies in the context of global markets for technology.