What
We Do
Athena Alliance is in the vanguard of identifying, understanding, analyzing, and educating on the information, intangibles, and innovation (I3 or I-Cubed) economy. Information, knowledge and other intangibles now drive economic prosperity and wealth creation. The economic rules have changed; public policy has not caught up. Policy makers are grappling with the urgent need to frame policy questions in light of the changing economic situation. Athena Alliance helps close that gap through activities to reshape the debate and craft new solutions.
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Blog: The Intangible Economy
In order to facilitate discussion on our economic future, Athena Alliance hosts weblog on the Intangible Economy. The purpose of this blog is to share insights and information on the I-Cubed (Information, Innovation, Intangibles) Economy. Please join us in discussing the key issues surrounding the transition to this new economy. |
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What’s New
June 23, 2008
US Policies for Fostering Intangibles
Presented at the National Academies' Board on Science, Technology and Economic Policy (STEP) conference on Intangible Assets: Measuring and Enhancing Their Contribution to Corporate Value and Economic Growth (see below).
This presentation outlines the size of the federal government’s investments in intangible assets and outlines a number of policy steps that can be taken to foster the creation and utilization of intangible assets in the US economy.
June 23, 2008
National Academies' Conference: Intangible Assets: Measuring and Enhancing Their Contribution to Corporate Value and Economic Growth
Investment in intangibles, according to a 2006 Federal Reserve Board staff analysis, exceeds all investment in tangible property and, if properly accounted for, would raise US productivity growth by 20 percent for the period 1973-1995. These assets -- computer software, R&D, intellectual property, workforce training, brand equity and organizational capabilities -- now account for three quarters of economic activity. Increasingly, they are a principal driver of the competitiveness of US-based firms, economic growth, and opportunities for American workers. Some intangibles, like intellectual property, are being securitized, auctioned, and traded; a few years ago no one contemplated the existence, let alone the extent, of such "technology markets." Yet despite these developments many intangible assets are not reported and are treated in the national economic accounts as expenses rather than investments. And there is no coordinated national strategy for promoting intangible investments apart, perhaps, from R&D.
This one day conference, hosted by the National Academies' Board on Science, Technology and Economic Policy (STEP), in cooperation with the Committee on National Statistic and sponsored by the Commerce Department's Bureau of Economic Analysis in response to a congressional directive, includes discussions of what are intangibles and how they work, how intangible investments compare and contribute to growth, how intangibles are created and used by firms, and what the government's role should be in supporting markets and promoting investment in intangibles.
Presentation are available online at the STEP website.
April 16, 2008
Intangible Asset Monetization: the Promise and the Reality
Athena Alliance Working Paper #3
The U.S. economy could be more prosperous, and enterprises strengthened and made more financially sound, by recognizing, valuing and standardizing intangible assets. To create a secure, open, fair, transparent and efficient capital market for intangible assets, active roles by government and independent regulatory authorities are needed. In the industrial age, physical assets were used to finance creation of more physical assets. In the information age, intangible assets – worker skills and know-how, innovative work organizations, business methods, brands and formal intellectual property such as patents and copyrights – should be used to finance creation of more intangible assets, according to this report. But numerous actions, both large and small, are required. There is no magic bullet; no single government or industry action will resolve the issues. Areas needing attention range from patent reform to securities definitions and banking regulations, from perfection and bankruptcy law to accounting rules, and from technology policy to tax policy. The report provides specific recommendations in each.
December 14, 2007
Mission Intangible: A Conference on the Financial Impact of Extra-financial Information
There's more to corporate performance than what can be gleaned from traditional financial reporting. We know that information on intangibles (also know as “extra-financial” information) plays a major part in investment decisions. One study found that non-financial criteria constitute, on average, 35 percent of the equity investor’s portfolio allocation decisions. But, it is not always readily available. Another study reported that over half of the information investors want is not reported on the balance sheet. On December 14, Athena Alliance, the Intangible Assets Finance Society and Milken Institute hosted a conference the Financial Impact of Extra-financial Information. Dr. Cynthia A. Glassman, Undersecretary of Commerce for Economic Affairs, and former Commissioner of the U.S. Securities and Exchange Commission, was the keynote speaker. Her keynote speech is now available online.
For summaries of the conference, see Intangible Asset Finance Society Conference Solidifies Understanding of Emerging Asset Class and IAFS seeks to spread the intangible asset message to the wider business community - Intellectual Asset Management.
September 24 and 25, 2007
The Dragon and the Elephant: Understanding the Developing Innovation Capacity in China and India
Athena Alliance and the Board on Science, Technology, and Economic Policy (STEP) of the National Academies, in collaboration with the Urban Institute, the State University of New York Levin Graduate Institute, and Woodrow Wilson International Center for Scholars, hosted a conference comparing and contrasting India and China's growing science and technology capacity. Topics included broad areas such R&D, education, financing and the legal and regulatory environment as well as key industrial sectors such as aerospace, pharmaceuticals, information technologies, and energy. The agenda and the presentations are now available online. A summary of the conference is forthcoming.
April, 2007
Measuring Intangibles: A Summary of Recent Activity
Athena Alliance Working Paper #2
The measurement of intangibles is nothing new. Humans have been measuring intangibles for a long time. Until recently, however, macroeconomics treated intangibles as residuals. With the rise of exogenous growth theory and the recognition of the importance of intangibles as drivers of economic value, more attempts have been made to specifically measure the value of intangibles. As part of this effort, intangibles have come to be seen as assets (stocks) as well as expenditures (flows). These efforts have advanced progress to quantify intangibles. However, as this summary paper will show, a number of important issues remain unresolved.
(See also our earlier working paper on Reporting Intangibles: A Hard Look at Improving Business Information in the U.S.)
July 20, 2006
Measuring the Intangible Economy: Greater Washington DC region
A Special International Reception at the Eurasia Center
In this presentation, Dr. Jarboe of the Athena Alliance discusses the intangible elements of the Greater Washington DC region, in conjunction with the Greater Washington Initiative's presentation on the contribution of international business, trade, and diplomatic communities toward the United States economy and the Washington region.
June 14, 2006
Innovation and Design: Keeping America Competitive
A Congressional briefing luncheon co-sponsored with the Congressional Economic Leadership Institute (CELI)
In this new, innovation-intensive global economy, design is emerging as a key competitive tool. For example, think iPod. Companies from Apple to Procter & Gamble are using design and creative to beat the global competition. But can America maintain its edge? To answer that questions Athena Alliance and the Congressional Economic Leadership Institute (CELI) held a Congressional luncheon briefing with: Roger Martin, Dean of the Rotman School of Management, University of Toronto and a leading international expert on the use of design as a company competitive tool; and, John W. Leikhim, Director, Corporate Innovation Capability, Procter & Gamble. The session was moderated by Congressman Dave Hobson (OH-7).
(For an overview of design and innovation, see the August 1, 2005 Business Week Special Report Get Creative!)
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