In the current post-industrial society, knowledge is recognised as a primary source of a company's wealth. However knowledge assets are much more difficult to identify and measure than are the physical assets with which we are much more familiar. (Boisot 1998) As a company's innovative capacity may be dependent upon its ability to take advantage of its knowledge assets, it is important to be able to identify and measure those assets. While large companies can afford extensive knowledge management projects, there is a acute need for a method by which managers in smaller organisations can easily and reliably locate and quantify the components of their knowledge assets in order to maximise their potential for innovation. This paper will begin by definiIlg the concept _of knowled~elements.. within the three functions of the knowledge lite cycle. This cycle will then be in~ated into the well-known four modes of knowledge conversion between tacit and explicit knowledge as proposed by Nonaka (1995). The paper will then describe the identification, from the literature, of measurable, knowledge elements that will give a balance view of knowledge assets across the integrated model. It will then dislillSs way by which managers can determine the value of these elements in their companies and compare them with other indicators of innovation.