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This article attempts to contribute to the development of a positive theory on the management of intangibles by building a model that describes the process followed by business firms willing to implement a system for the management of intangibles. The study reveals that companies usually take three steps: the identification of critical intangibles related to value creation, the measurement of those intangibles by means of a set of indicators and, finally, the monitoring of intangible resources and activities.

The implementation of the intellectual capital (IC) concept at firm level introduces a new vocabulary to the existing language set. Firms are attempting to make sense of the concept and, in the process, operationalize it in terms of specific management tools. This paper provides a comparative analysis of intellectual capital trajectories in Norway and Spain. Although the implementation designs are different (selected small and medium-sized enterprises and sector in Norway and more non-selected in Spain), the paper finds that a dominant accounting perspective can lead to an excessive focus on measurement issues and little attention to management processes. Alternatively, introducing IC with a broader and less defined focus might help newcomers to experiment with the concept in a more open-minded way. In non-experienced firms the entrance point matters, as it defines the meaning for new words and concepts such as intellectual capital or intangibles.

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