CHAPTER 3: INTELLECTUAL CAPITAL
‘What’s new? Simply this: Because knowledge has become the single most important factor of production, managing intellectual assets has become the single most important task of business.’40
Most people are aware that, for most organizations, the value of their tangible assets – land and buildings, plant and machinery, cash and so on – is different from the value of their intangible assets – the ones not carried on their books. The value of the intangible assets is usually taken, in simple terms, as being equal to the difference between the net book value of the business and its current market capitalization.
Although company valuation is a complex exercise, way beyond the scope of this book, it’s probably fair ...
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