Proceedings of the 12th European Conference on Knowledge ...

Nebojsa Graca and Ana Lucija Gojakovic
Scientific-research work in great number <strong>of</strong> T-KIBS knowledge-intensive companies ends up with a
failure. It comes to a failure when research and development do not coincide with market needs. In
economic literature it is called “death valley”. In o<strong>the</strong>r group <strong>of</strong> successful companies <strong>the</strong> results
obtained in research are protected in a certain form <strong>of</strong> intellectual property. In T-KIBS companies <strong>the</strong>
greatest part <strong>of</strong> funds are invested into research work and development. Financial investments are
aimed at cumulative increase <strong>of</strong> <strong>the</strong> fund <strong>of</strong> absolutely new knowledge. Mentioned investments
measured by working hours <strong>of</strong> <strong>the</strong> pr<strong>of</strong>essionals represent <strong>the</strong> highest value <strong>of</strong> expenses, while
production costs are considerably lower. Economic value <strong>of</strong> intellectual property rights <strong>of</strong> <strong>the</strong> new
products is a basic element for calculating cost price. The most significant economic reasons which
stimulate intellectual property using in modern business operations are as follows:
competitive advantage in <strong>the</strong> form <strong>of</strong> leading position and de facto monopoly,
market expansion, without additional financial investments, by cession <strong>of</strong> rights for using
intellectual property through selling rights ,
possibility <strong>of</strong> providing capital for own development.
Intellectual capital portfolio <strong>of</strong> <strong>the</strong> T-KIBS company is made <strong>of</strong> <strong>the</strong> following:
absolutely new, genuine unique, au<strong>the</strong>ntic and exclusive scientific discoveries which create
dynamic knowledge fund (absolutely new, imperative),
sensitive information,
intellectual property in <strong>the</strong> narrow and broad sense,
practically applicable experience used in creating market value (Graca, 2010).
Predominating part <strong>of</strong> <strong>the</strong> portfolio is based on Tacit Knowledge. Ano<strong>the</strong>r, less represented fund is
Explicit Knowledge which can be said without limits to <strong>the</strong> interested scientific, expert and business
public. Contracted amounts depend on <strong>the</strong> exclusivity <strong>of</strong> Tacit Knowledge which can be achieved
when concluding franchising contracts. Therefore, <strong>the</strong> pr<strong>of</strong>itability <strong>of</strong> knowledge-intensive companies
directly depend on <strong>the</strong> quality and possibility <strong>of</strong> <strong>the</strong> Tacit Knowledge transfer towards <strong>the</strong> interested
clients.
Absolutely new knowledge (Tacit Knowledge) is mainly hushed up knowledge. It can not be easily
acquired and used. It is in <strong>the</strong> property <strong>of</strong> individuals or companies who and which have information
obtained from fundamental, applied and developing researches. Relative knowledge (Explicit
Knowledge) is easily accessable. It is acquired by <strong>of</strong>ficial academic education and can be directly
applied to a certain activity. Absolutely new knowledge consists <strong>of</strong>: trade secrets, know-how, data
exclusivity, scientific discoveries and it represents a posteriori or empiric knowledge. If it is freed from
ma<strong>the</strong>matical and technical interpretation, and is applicable in modern knowledge-intensive business
operations, absolutely new knowledge becomes in time universal and repeatable. It becomes clearer
and more obvious, since almost every business activity requires new knowledge based on intensive
development.
The first stage <strong>of</strong> <strong>the</strong> research work - stage <strong>of</strong> fundamental researches
In <strong>the</strong> stage <strong>of</strong> fundamental research companies confront with two parallel processes:
process <strong>of</strong> knowledge acquiring (from internal and/or external sources), and
process <strong>of</strong> value creating verified by <strong>the</strong> coefficient <strong>of</strong> <strong>the</strong> added knowledge value.
Inputs in <strong>the</strong> process <strong>of</strong> value creating are not different from inputs in conventional economic subjects.
They are consisted from material, financial and human resources. The realized value <strong>of</strong> <strong>the</strong> market is
directly conditioned by <strong>the</strong> quality <strong>of</strong> <strong>the</strong> used knowledge and by using knowledge in <strong>the</strong> existing
business activities. The process <strong>of</strong> improving <strong>the</strong> exisitng relative knowledge starts from <strong>the</strong> working
collective as a whole. Through <strong>the</strong> transfer <strong>of</strong> elementary relative knowledge <strong>the</strong> working collective
gets ready for transition onto a higher level <strong>of</strong> education. During <strong>the</strong> transition period, <strong>the</strong> company
will gradually, by increasing quality <strong>of</strong> business operations and with decreasing risks provide creative
vitality in comparison with <strong>the</strong> competition. Managers at all organizational levels are expected to
provide conditions for building-up <strong>the</strong> acquired relative knowledge. If relations managers-employees
are impaired, or if <strong>the</strong> working collective does not recognize <strong>the</strong> intellectual impulse <strong>of</strong> <strong>the</strong>
management <strong>of</strong> <strong>the</strong> company, organizational vitality is impaired which negatively effects <strong>the</strong> total
research project. At <strong>the</strong> same time this is <strong>the</strong> first and most important step in <strong>the</strong> process <strong>of</strong> creating
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