Editing Intellectual capital (section)

==Exploitation==
The management of intellectual capital is conceptualised as occurring via a multiple stage process, governed by an evolutionary logic.<ref name=Khavandkar2016/> For a business, translating the potential of its intellectual capital is crucial.<ref>{{cite book |last=Sullivan |first=Patrick H |date=2000 |title=Value-driven Intellectual Capital: How to Convert Intangible Corporate Assets into Market Value |series=Intellectual capital series |location=New York |publisher=[[John Wiley & Sons]] |isbn=0471351040 |oclc=42061200 |url=https://archive.org/details/valuedrivenintel00patr |url-access=registration}}</ref> Works that focus on the subset, namely the [[patent]]s, [[copyright]]s, and [[trade secret]]s, ignore the benefits of their use with the business.<ref>{{cite book |last1=Merges |first1=Robert P. |last2=Menell |first2=Peter Seth |last3=Lemley |first3=Mark A. |date=2004 |title=Intellectual Property in the New Technological Age |edition=3rd |series=Aspen casebook series |location=New York |publisher=Aspen Publishers |isbn=073553652X |oclc=50866818}}</ref> Other terms include "intangible assets".<ref>{{cite book |last=Sherman |first=Andrew J. |date=2012 |title=Harvesting Intangible Assets: Uncover Hidden Revenue in Your Company's Intellectual Property |location=New York |publisher=[[AMACOM]], American Management Association |isbn=9780814416990 |oclc=712780812}}</ref> While corporate reports often stress the value and the know-how of its staff, this crucial asset cannot be considered property. The term "[[workforce]]-in-place" can be used as a category when companies with their staff are purchased.<ref>{{cite book |last=Parr |first=Russell L. |date=2018 |title=Intellectual Property: Valuation, Exploitation, and Infringement Damages |edition=5th |location=Hoboken, NJ |publisher=[[John Wiley & Sons]] |isbn=9781119356219 |oclc=1022074952 |doi=10.1002/9781119419235}}</ref> Without that category, most of the excess purchase price over the tangible [[book value]] would just appear as [[goodwill (accounting)|goodwill]]. In order to profit from intellectual capital, [[knowledge management]] has become a task for management.<ref>{{cite book |last1=Pasher |first1=Edna |last2=Ronen |first2=Tuvya |date=2011 |title=The Complete Guide to Knowledge Management: A Strategic Plan to Leverage Your Company's Intellectual Capital |location=Hoboken, NJ |publisher=[[John Wiley & Sons]] |isbn=9780470881293 |oclc=656770760 |doi=10.1002/9781118983782}}</ref> Often, intellectual capital, or at least rights to it, are moved off-shore for exploitation, which entails risks that are hard to value.<ref name=Wiederhold/> The transfer of rights to intellectual capital to offshore [[Subsidiary|subsidiaries]] is a major enabler of [[Tax avoidance|corporate tax avoidance]].<ref>Reuven S. Avi-Yonah: Statement to Congress; University of Michigan School of Law, Permanent Subcommittee on Investigations, U.S. Congress, 20 Sep.
2012</ref>