Intellectual Capital

Intellectual capital is all the knowledge resources possessed by organization and its dynamic development and renewal can ensure organization’s advanced position in the market competition at the era of knowledge economy.

There are many definitions of intellectual capital. For example, 

“the sum of everything people know which gives a competitive advantage in the market“ (Stewart, 1991)

“knowledge residing within human capital… combined with systems, technologies, processes and knowledge repositories. Thus, we view intellectual capital as managed organizational knowledge capable of adding value to bottom line profit.” (Coakes and Bradburn, 2005).

The Organisation for Economic Co-operation and Development (OECD) defines intellectual capital as “the economic value of two categories of intangible assets of a company'', that is, organizational (“structural”) and human capital".

A. Lönnquist and P. Mettanen in their review of the definition of intellectual capital identified the following characteristics:

•  It is invisible.
•  It is closely related to knowledge and experiences of employees as well as customers and technologies of an organization,
•  It offers better opportunities for an organization to succeed in the future.