To get an idea of the strategic importance of “intellectual assets” in general, take a look at how value is assigned to FTSE 100 companies. Back in the 1980s, market capitalisation and balance sheet asset values followed each other closely. But look at the top businesses today and you will find that up to 80% of their value no longer relates to “hard assets”. The difference is accounted for by a whole range of intangibles, which need to be properly protected.
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