In this new decade, one of the most important keys for improving individual and organizational performance is in developing and strengthening intellectual capital. Intellectual capital (IC) has become a common term used in many business and educational settings. In these settings, IC is sometimes used interchangeably with terms such as human capital (HC) or knowledge management (KM). One cannot fully understand even the ambiguous boundaries of IC without understanding why and how it is, or is not, different and distinct from similar or related terms. The purpose of this article is to explore the similarities and differences between these concepts, provide current perspectives, and review relevant literature. In addition, the article will provide definitions and explanations of IC, KM, and human capital: present four IC characteristics; discuss how IC can be developed in an organization; address the reporting of IC on financial reports; and introduce the author's perspective on the performance improvement professional's role in IC development.