Specificity of today’s market forces firms to create and implementate solutions fast and effectively in order to maintain or attain a better position of advantage over adversaires. It shows the importance of developing an innovation strategy, which will ensure continuous capability of a firm to catch up with emerging opportunities on the base of resources which a firm holds. An innovation then, is a an action, that yields to resources new opportunities to create a value.
A key – stone of innovative action is a potential of intellectual capital that holds a company and its capability of using it in practice. Intellectual capital is considered as a whole composed of 3 tiers: human capital, organizational capital and relational capital.
HUMAN CAPITAL involves all the skills and experience of employees. It encompasses their innovativeness, creativity and openess to the changes. Human capital is embodied in individuals who can generate big number of oryginal ideas, who can see and resolve problems and negate recognized judgements and values, thus they can initiate innovative actions which contributes to the growth of a firm
ORGANIZATIONAL CAPITAL is considered as a human capital supporting infrastructure. It includes organizactional culture, business processes, data bases, technical infrastructure and intelectual property rights. Organizational capital conditions innovativeness by favoring and facitatating implementaion of innovation process in a firm.
RELATIONAL CAPITAL is described as good relationships of a firm with its business environment, satisfaction and contentment of customers and business partners, duration of cooperation and reputation of a firm. Good relations prop up better undersanding of cooperant’s needs what results in increase of business success possibility by finding innovative solutions which meets their requirements.
Having completed an evaluation of inellectual capital potential together with assessment of strategy implementation and wheather it has succeed, you receive a knowledge of areas of development and innovation in your company. Its identification ensures:
- Building structures supporting creation and comercialisation process of innovation
- A proper selection of actions which aims to increase an added value and competitive edge of a firm
- Identyfication of hidden potential of a firm, which allows better tailoring to the strategy in the future