Edited by Derek Bosworth and Elizabeth Webster
Eric J. Iversen and Aris Kaloudis 1 INTRODUCTION The creation of new knowledge, its commercialization and the ability to appropriate the economic beneﬁts have increasingly become a competitive factor both for ﬁrms and, indeed, for economies. Therefore, initiatives that improve the conditions for the generation, diffusion and exploitation of new knowledge in the economy are increasingly sought after. In this light, this chapter considers how more efﬁcient methods to value and capitalize intellectual assets might contribute to the main policy objectives of promoting and sustaining innovation in today’s changing environment. This chapter starts by exploring the role intangible assets (IAs) play in the emerging ‘market for knowledge’. This theoretical discussion lays the foundations necessary to consider the need to improve conditions for valuation and capitalization of intellectual assets. The chapter then presents a brief survey of intangible valuation approaches. Finally, the discussion considers evidence of difﬁculties among smaller Norwegian actors in capitalizing on their intellectual assets, before deriving some implications about the need to improve conditions for the utilization of intellectual assets, especially through better valuation practices. 2 IAS IN THE EMERGING ‘KNOWLEDGE MARKET’ We begin from the position that the valuation and capitalization of intellectual assets should be seen in terms of the growing need to improve the way economically important knowledge is generated and utilized in the economy. The argument is that the ultimate goal should be to promote and sustain innovation processes both at the ﬁrm and the aggregate level. The premise is that...
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