Innovation is viewed as a major source of competitive advantage and is perceived to be a pre‐requisite for organizational success and survival. The ability to innovate depends largely on the way in which an organisation uses and exploits the resources available to it. The paper explores the importance of knowledge management (KM) and intellectual capital (IC) in organisations. It also considers the critical factors that lead to successful innovations and the role of KM and IC in this regard. The paper argues that effective management of knowledge assets involves a holistic approach to a host of factors. It is also suggested that there are a host of factors that combine in different ways to produce successful organizational innovations. It recommends that more is needed on the education and training of construction personnel and that these education and training programmes should reflect the nature of innovation and KM dimensions as very complex social processes.
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