Managing Intellectual Capital: Organizational, Strategic, and Policy Dimensions

Managing Intellectual Capital: Organizational, Strategic, and Policy Dimensions

Managing Intellectual Capital: Organizational, Strategic, and Policy Dimensions

Managing Intellectual Capital: Organizational, Strategic, and Policy Dimensions

Synopsis

'Teece's work provides an example of what can be achieved through high-quality analysis... the thinking manager, as well as the student, will get much out of Teece's hardheaded approach to his subject matter, and there are significant lessons to be learned from the experience of innovating companies. All in all, this is a book to be strongly recommended.' -European Management Journal'A rigourous analysis... With his characteristically scholarly approach, Teece offers guidance on how companies can unlock their stores of 'intangible assets' by unleashing the capabilities and unique skills embodied in the practitioners and managers of companies.' -Technovation'This book is the first comprehensive treatment of the business economics of the knowledge economy. As such, it is of great interest to all scholars and business practitioners concerned with the firm-level (micro) and economy wide level (macro) foundations of the knowledge driven economy.' -Technovation'In today's competitive environment, the management of intellectual capital is at the core of every firm's success or failure. Teece's book is the best one I know of in treating this topic seriously and providing a useful framework for capturing the value from intellectual assets.' -Professor Charles O'Reilly, Frank Buck Professor of Human Resource Management and Organisational Behavior, Stanford University'Only a few people seem to get it, and David Teece is surely one of them. The old economy provided businesses little opportunity to earn super normal returns. Teece's Managing Intellectual Capital helps unlock the potential all companies have to earn genuine rents from their intangible assets, particularly from their people whose unique skills and gifts remain seriously underutilized.' -Craig B. Wynett, General Manager, Future Growth Initiatives, The Procter andamp; Gamble Company'Teece moves easily between theoretical study of his subject and practical applications for his thinking regarding organisational structures and business strategy.' -Financial AdviserThe astute management of technology is essential for firms who wish to compete within the new economy. In this in-depth study, David Teece considers how firms can exploit technological innovation, protecting their intellectual capital, while staying ahead of the competition. Providing frameworks as well as practical advice, he looks in particular at the organisation structures most likely to support innovation, and how managerial decisions and strategy affect the division of the gains. Essential reading for academics, managers, and students alike who want to keep abreast of contemporary strategic challenges.

Excerpt

This monograph originated with the Clarendon Lectures which I presented at Oxford in May of 1998. However, it draws on my scholarship and writings (together with some of my students and professional colleagues) over at least a decade. The thread pulling it all together is the management of innovation, a topic that has interested me over my entire professional career, but which has recently taken additional salience, given the growing importance of innovation to economic prosperity and wealth creation. My home university—the University of California at Berkeley—sits on the edge of a boiling cauldron of innovation and entrepreneurship. Very often the management of these new enterprises is conducted by brilliant novices often quite bereft of the benefits available from experiences elsewhere. While there are many notable successes, the field is littered with thousands of failures. Some that failed need not have done so. This is one reason why I would like the management of innovation and intellectual capital to be better understood.

In this monograph, I endeavour to provide frameworks as well as practical advice (based on the frameworks) with respect to several aspects of innovation. In particular, I look at the organizational structures most likely to support it; and I also look at how managerial decisions and strategy affect the division of the gains from innovation. I go further than I have elsewhere to analyse licensing strategy in some detail. I often use what might appear as rather ancient illustrations—e.g. Pilkington's experience with licensing float-glass—because I believe that these experiences are still quite relevant, especially as to questions relating to the structure of licensing contracts, a topic about which there is very little scholarship.

I trust the book will be useful not only to scholars, but to managers as well. Parts I and III are written in a style that hopefully will be acceptable to practitioners as well as academics. Parts II and IV are somewhat more 'academic'. Since there is not a lot written about some of the subject matter I have chosen, I trust my rough preliminary thinking on the issues will be forgiven to the extent to which the ideas are not fully developed or thoroughly tested. My aim in this book is to occupy a middle ground between managerial aphorisms and middle-brow organizational and strategic theorizing. It, of

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