Intellectual capital as a source of challenge for modern business

Knowledge-based economy is the next stage of civilization changes following agricultural and industrial economies, and similarly to the situation when ground and work were the most important factors of economic growth in the agricultural era, and capital in the industrial epoch, knowledge is becoming the most valid asset in the information (post-industrial) time . In a knowledge-based economy intellectual capital plays a key role. The success of modern organizations depends on the ability of using the resources of this specific capital, that is why managing it is believed to be a main tool of future management. The effective management of intangible assets of an organization becomes a serious challenge for every manager, irrespective of the size or specifics of the company