The objective of this chapter is to understand why companies do not apply models that are commonly known in the IC literature i.e. to explain the gap between the theory and practice. The general research objective is divided into four research questions taking different perspectives on the same phenomenon: the importance of IC and its management, the applicability of IC management models, the suitability of typical general management approaches for IC management and factors affecting the application of IC management models. The research questions are studied adopting diverse research methods. The empirical material includes interviews, a large amount of quantitative data from the financial statements of companies, and case studies in which action research was used.