Technological innovations and openness of trade have profoundly changed the face of global production. Converting raw materials into parts and components, assembling final products and delivering them to the end consumer involves supply chains that span an increasing number of economies across the globe. The emergence of these so-called global value chains has been a force for good: they have made a large range of consumer products more affordable, stimulated economic growth and promoted the integration of developing countries into the global economy – creating opportunities for economic development and the alleviation of poverty. Intangible capital – notably in the form of technology, design and branding – permeates global value chains in important ways. It accounts for a good part of what consumers pay for in a product and determines which companies are successful in the marketplace. It also lies at the heart of the organization of global value chains: decisions on where to locate different production tasks and with whom to partner are closely tied to how companies manage their intangible capital.