Profiting from Intellectual Capital: Extracting Value from Innovation

Profiting from Intellectual Capital: Extracting Value from Innovation

Profiting from Intellectual Capital: Extracting Value from Innovation

Profiting from Intellectual Capital: Extracting Value from Innovation

Synopsis

Tools and techniques from today's leading intellectual capital innovators: Xerox, Dow Chemical, Hewlett-Packard, Avery Dennison, Eastman Chemical, Rockwell, and Skandia
"Patrick Sullivan... has brought together some of the best thinkers and best thinking on the subject of intellectual capital. Anyone who hopes to profit from intellectual capital will profit from Profiting from Intellectual Capital."-Thomas A. Stewart Author of Intellectual Capital: The New Wealth of Organizations.
"A comprehensive collection of the key ideas for effectively managing intellectual assets in the twenty-first century."-Hubert St. Onge Senior Vice President, Strategic Capability, Mutual Life of Canada.
"The first thorough exposition of how companies manage and extract value from their intellectual capital. The discussion of 'best practices,' as well as the high level conceptual examination of various intellectual capital issues, is an important contribution to this fast-growing field."-Baruch Lev, PhD The Philip Bardes Professor of Accounting and Finance, Stern School of Business, New York University, and Director, The Intangibles Research Project at New York University.
"This is a remarkable compendium of analytic approaches to that most elusive of management goals-managing intellectual capital. It gives our 'state-of-the-practice' knowledge a most substantial boost."-Larry Prusak Managing Principal, Knowledge Management, IBM Corporation.
"Sullivan brings together strategic management and intellectual capital. The combination is powerful."-Russell L. Parr Senior Vice President, AUS Consultants.
In today's postindustrial economy, technology and knowledge-based companies are superseding traditional manufacturing enterprises at a rapid rate. But as tangible assets give way to invisible, information-centered ones, most firms still know very little about their intellectual capital and what it can do for them.
While a number of books and articles have already been written about the knowledge-creation and information-sharing aspects of intellectual capital management, Profiting from Intellectual Capital takes the next step-examining how companies can develop financial benefits and extract ever more value from their intellectual capital.
Divided into three sections, the book is filled with the practices and procedures of companies that are in the vanguard of ICM-Dow Chemical, Xerox, Rockwell International, Skandia, and Hewlett-Packard. The first part of the book presents essential terms and concepts, along with basic material on the principles of value extraction and a discussion of the usefulness of values in the management of intellectual capital. The two subsequent sections offer methods for IC measurement, management, and monitoring, as well as important techniques for extracting value-including such practical initiatives as creating an intellectual property database, patent trees, and more.
Profiting from Intellectual Capital is essential reading for today's forward-thinking executives, attorneys, accountants, and other professionals. Because while knowledge is power, knowledge can be profits, too.

Excerpt

The worldwide emerging focus on intellectual capital is part of a search for more intelligent approaches to managing the corporate enterprise. the attention being given to intellectual capital has grown from a ripple to a groundswell as ever new insights demonstrate that intellectual capital is one of the major forces driving corporate performance and earnings. Not only current performance, but of even greater strategic importance, we now know that it is the firm's intellectual capital that defines its future.

In its broader context, intellectual capital is comprised of human capital and structural capital. Its subelements include organizational capital, customer capital, supplier capital, and more. These terms are not new. What is new is the energy and commitment of organizations trying out the concepts surrounding intellectual capital to leverage ideas into value. Terms like intellectual asset management, intellectual property management, and knowledge management are frequently being interchanged as firms describe their new management focus. the crosscompany confusion created by this emerging taxonomy does not prevent the advancement of the discussion of intellectual capital management or any of the other focused discussions regarding these terms. Though each of these terms is unique, they all concern the intangibles of an organization and how to better leverage and manage them for value.

Intellectual capital is about the creation of value out of human talent, transforming it through the resources provided by the firm's structure, and multiplying it on a global scale by the value extraction recipes contained in this book. in many corporations, there are a lot of hidden values, imbedded in both the human and structural capital of the firm. Corporations recognizing the importance of this hidden value have been working to understand how to release its potential through systematized value extraction processes. Dow, Skandia, and the member companies of the icm Gathering have been exploring and experimenting with systematized value extraction and the creation of new ways of profiting from this elusive [hidden value.]

A number of books on the topic have been written and more are on their way. the books written to date focus almost exclusively on knowledge management or how to create new knowledge or new value. This book, different from its predecessors, focuses on how to profit from the firm's knowledge. the value extraction perspective discussed in detail in these pages is being shared by Gathering companies in other ways as well. For example, companies interested in emulating successful . . .

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