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The purpose of this paper is to make clear why innovation matters now, how intellectual asset based management is related to it, how innovation and excellent management contribute to the world economy and what is necessary from now on, taking Japanese experiences into account.

This paper summarizes the current status on innovation and intellectual asset based management, analyzes the expected function of them, and extracts implications from it.

This paper finds that intellectual asset based management has a close logical relation with innovation, and could be a solution for challenges caused by globalization.

International cooperation on promoting innovation through intellectual asset based management could save the world economy.

This paper illustrates the implications of increasing interests in intellectual assets from various points of view, especially in relation to innovation.

In investigating the linkage between intellectual capital (IC) and innovation, it is important not only to explore how IC as a whole is associated with organizations’ innovative performance but also to gain a deep understanding of the role of different IC components (groups of intangibles) in companies’ innovation performance, which is the purpose of this paper in the context of Serbian companies.

This research is based on survey data collected from 100 Serbian companies with at least 100 employees during 2014/2015. Six IC components were analyzed (human, structural, internal relational, external relational, renewal and entrepreneurial) in terms of their effect on innovation performance. Analyses were conducted using structural equation modeling and correlation analysis.

Findings demonstrate that renewal capital, internal relational capital and structural capital have statistically significant positive effects on overall innovative performance in Serbian companies.

The outcomes reveal potential and barriers within IC that are crucial to innovation performance in Serbian companies. In this way, this study enables a deeper understanding of intangible drivers of innovation and highlights possibilities to foster intangible innovation potential in Serbian companies.

As context (economic and cultural) has emerged as a relevant factor in researching IC, this study is original in investigating IC effect on innovation within the Serbian business environment. Additionally, the broad sexpartite taxonomy of IC contributes to a wider understanding of knowledge and its linkages to innovation.