Innovative Activity and the Transformation of Intellectual Capital Under the Conditions of the Digital Economy

The transition to a digital economy changes the sources, mechanisms, and organizational forms of innovation and increases the strategic importance of intellectual capital. This study examines the relationship between innovative activity and the transformation of intellectual capital in Uzbekistan, with particular attention to human, structural, relational, and digital components. The research applies a mixed analytical approach that combines comparative analysis, structural analysis, descriptive statistics, and synthesis of contemporary theoretical approaches to intellectual capital and digital transformation. Official statistical data for 2020–2024 show a substantial expansion of research and development expenditure, while innovation expenditure and the number of organizations implementing innovations demonstrate a more uneven trajectory. In 2024, research and development expenditure reached approximately 1.603 trillion soums, while enterprise and organization innovation expenditure amounted to 9.739 trillion soums. These dynamics indicate that the growth of innovation resources does not automatically translate into a stable expansion of innovation outputs; the conversion of knowledge and investment into economic value depends on organizational capabilities, digital infrastructure, skills, knowledge-sharing mechanisms, and links between science and business. The article develops a conceptual transformation model in which intellectual capital evolves from predominantly human and organizational knowledge toward an integrated digital knowledge system supported by data, platforms, networks, and algorithmic capabilities. The findings suggest that policy and management frameworks should assess not only the volume of innovation expenditure but also the quality of knowledge conversion, digital competencies, organizational learning, and commercialization capacity.