Intellectual capital is a term with various definitions in different theories of management and economics. most often used in a debate over economic “intangibles”.
Perhaps due to their industry focus, the term “intellectual capital” is employed mostly by theorists in information technology, innovation research, technology transfer and other fields concerned primarily with technology, standards, and venture capital.
Social Innovation Capital (SIC), is the communal capacity of a firm/group/collective to innovate, and according to Mark W. McElroy is the most valuable form of Intellectual capital (IC) because it underlies a firm/group/collective’s fundamental capacity to learn, innovate, and adapt.
Social Intellectual Capital focuses upon, and strengthens the value of relationships between people in a firm/group/collective, and between other social networks. Trust, reciprocity, shared values, networking, and shared ideas are all things that, according to social capital theory, add value to a firm/group/collective, by speeding the transfer of information and the development of new knowledge.
There are a couple of theories regarding the incentive of social capital, the first being the “egocentric” perspective, in which social capital is seen as the value of an individual’s relationships with other individuals, The second is the “sociocentric” model in which social capital is still held by individuals, but has more to do with the added value of their position in the structure of a network.
Either way, as JFK said in the face of a downturning economy, “a rising tide lifts all boats”