IMPROVEMENT OF THE INTELLECTUAL CAPITAL MANAGEMENT AS A FACTOR OF INNOVATION DEVELOPMENT

Abstract

Intellectual capital becomes a factor, which is the core competitiveness of economic systems, and it is a key resource for the growth and development of not only individual companies, but also the country as a whole. The elements of intellectual capital set the pace of technology, form the basis of innovation. This article focuses on the dependence between innovation development of companies and countries on the formation of intellectual capital management strategy. We consider innovation as a competitive advantage achieved through the development of certain elements of the intellectual capital. The importance of intellectual capital management in order to increase the level of innovativeness of the country is proved on the example of the Global Innovation Index. We consider the innovation development at the company level through intellectual resource management, and provide financial and non-financial methods of evaluation of intellectual capital.