Abstract: The article explores intellectual property as an economic factor in the development of modern business and defines its role as a strategic intangible asset of an enterprise. Intellectual property is considered from three interconnected perspectives: as a resource that contributes to competitive advantage, as a legal mechanism for controlling the use of intellectual outputs, and as an asset with financial significance that may affect company valuation, investment attractiveness and market position. The study compares tangible and intangible assets in terms of their contribution to enterprise value creation and outlines the economic functions performed by the main categories of intellectual property. The article also describes the process through which an intellectual output, starting from an idea or development, may become a protected, valued and commercially used asset. Special attention is paid to the integration of intellectual property into the business model of an enterprise, including its protective, monetization and scaling functions. The paper analyses the role of IP due diligence in investment processes, examines the relevance of international IP protection mechanisms, and identifies common managerial errors that limit the economic potential of intellectual property. This conclusion is drawn that IP management should be aligned with the enterprise’s stage of development and directed towards strengthening legal certainty, reducing business risks, enabling the commercial use of intangible resources and increasing long-term business value.