Page 4 - Intangible value

Foreword
Well-being is based on the nation’s ability to create value. In the global arenas, the playbook for value creation re- quires constant updating.
Bioeconomy, cleantech and health technology are Fin- land’s strengths, but we need more to be able to maintain the nation’s well-being. Gadgets, as well as well-branded and sought-after Finnish services in export markets, are both equally welcomed creators of well-being. Policies should recognise that intangible value creation is as im- portant to the economy as tangible value creation.
Among Finland’s opportunities for success, intangible val- ue creation, how it is recognised and how business policy can be re ned to support it, are probably the opportunity that is most in need of development. Digital business, its close relation, attracts increasing attention, but still also mainly springs from the traditional thinking model of in- dustrial production. What partly makes the discussion more dif cult is that the concepts we use originate from the world of physical investments and production.
We understand that intangible investments are impor- tant. They are used to accumulate intangible capital such as expertise, customer insight, corporate culture, brand value and the IPR portfolio. Recently, investments in research and product development were also accept- ed to the national economy accounting and national product calculations to represent intangible capital. However, there is a long way from investing and from the capital it helps to accumulate to value creation, particu- larly in global ecosystems. Digitalisation spurs this race with increasing speed.
One of Finland’s big challenges in both the private and public sectors is how the investments in intangible cap- ital can be turned into success based on Finland in the rapidly changing value networks. Investing in innovation requires constant proof of its bene ts, and an increase in intangible value creation is a good sign of success.
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