Dispatches has another fascinating post about the growing value of the mindset (read: intellectual capital) of entrepreneurs and the absence of intellectual capital in balance sheets:

"In the not too distant past, having an entrepreneurial, business-oriented mindset wouldn't get you very far if you didn't happen to be co-located with the requisite, tangible tools of production. Without the latter, skills couldn't develop, either. Today, on the other hand, mindset comes to the fore."

"Here in Montana, we have numerous advantages over the majority of the world: We are part of an enormous free trade zone; the rule of law is well established; our transportation and communications systems are excellent; and we have a well-educated population. In places where an entrepreneurial mindset has taken root, high-growth, productive companies have emerged (e.g., RightNow Technologies, and PrintingForLess.com). However, the mindset of a significant part of the state is still characterized by a focus on a service, industrial, or agricultural economy. Even if the means of production in a knowledge economy aren't as tightly tethered by geography as its predecessors, capacity won't be built unless there is a corresponding shift in mindset."