Intelligence Capital is the stock of institutionalized, reusable, and decision-ready intelligence that creates economic value. Six components (Human, Data, Models, Systems, Processes, Institutional Memory) flow through a five-stage Cognitive Supply Chain: Generate, Curate, Integrate, Operationalize, Compound.

Five systemic friction forces destroy intelligence value before it is realized. They compound multiplicatively through the Enterprise AI Friction Chain. Organizational friction compounds faster than model improvement. Removing friction often creates more value than upgrading models.

FDEs are Intelligence Capital Deployers -- the human-agent layer that embeds execution inside the flow of work. They improve Adoption, Execution Fidelity, and Learning Velocity, the highest-leverage variables. Models generate intelligence. FDEs generate enterprise value.

IROC = ICR × IT × (1/IL) × Q × SL. The board-level metric that connects AI investment to economic outcomes. Five drivers, one headline number. Investable, comparable, actionable. IROC > 1.0 means value created exceeds capital invested.