Intellectual capital (IC) development includes a wide set of activities focusing on the improvement of an organisation's intangible resources. However, it is often unclear what kind of impacts different IC initiatives have. The current literature lacks appropriate methods for identifying and measuring them. If it is not possible to assess the impact of various development activities it is difficult to justify IC investments or choose between alternative service providers. This paper, based on a case study, examines how to assess the impacts of an IC development initiative. The empirical research setting is the Pietari Business Campus, a knowledge-intensive business service organisation providing various development services for its twelve member companies operating in the St. Petersburg region in Russia. In this paper, the literature is first examined to understand how the impacts of development activities can be assessed in different contexts. The characteristics of these...