Intellectual Capital is an important source of an organization’s economic wealth and isto be taken into serious consideration when formulating a company’s strategy. This strategy formulation process can be enhanced by fully integrating intellectual property and intellectual capital into management models.
Even where firms invest in and patent their IP, they still have to do many other activities to successfully market the IP.
Some of these include
production planning and control
Each of these activities is perhaps an island of Intellectual Capital within the individual department of a company. When done consistently and in a coordinated manner, the islands join together and appear to give the IP an image which is larger than life, leading to successful marketing. As a result, the firm may be able to obtain competitive advantage without IP, but it cannot obtain competitive advantage without IC.
Disruptive Innovation is changing the way that an industry delivers its products or services to the markets. Intellectual Capital Management is delivering multiple products or services using 1 asset to the markets.