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Ryerson University
Information Technology Management
ITM 407
Candace Grant

th Wednesday December 5 , 2012 ITM 407 – Final Exam Compulsory Question 2 – 4% What is intellectual capital and why is it important in the knowledge economy? (Refer to Buckman Lab) Intellectual capital is the asset of knowledge based economy that is producing significant levels of equity and wealth based on ideas, innovation and creativity. Intellectual property consists of “objects: that are NOT tangible. Non-tangible objects represent creative works and inventions. Example: express of ideas. Another example of non-tangible objects is: software, music, movies, books, ideas, patent. It is important to protect intellectual property because it is some one’s creative work and invention or innovation. It takes a lot of effort to create something original and in order to maintain its originality it must be protected from illegal copying. Also, it is a right that should be given to individuals because a lot of labour was put into creating such creative work. Moreover, it should be protected because it encourages creators and inventors to do more creative work and serve the community/society, in order to do so they must be guaranteed that their work is being protected and not copied or sold illegally. It is Important to protect because without protection (trademark, patent) competitors can copy your products. The intellectual capitals at Buckman lab is the individual competence such as employee’s knowledge, internal structure such as software, and external structure (relationship with customers and suppliers). The way they can protect individual competence is by providing the employees with benefits and perks so that it encourages them to stay with the company and keep using their knowledge in order to solve various business problems. To protect internal structure, they m
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