# Opagio — LLM Index
# https://opag.io/llms.txt
# Version: 2.0 | Last Updated: 2026-03-15 | Token Estimate: ~8,400

## WHAT IS OPAGIO?

Opagio is an intangible asset valuation and growth platform. It helps SMEs, growth-stage companies, and investors measure, manage, and grow the non-physical assets that drive revenue, EBITDA, and valuation growth.

Intangible assets — human capital, intellectual property, data assets, customer relationships, organisational capital, innovation capacity, and supplier relationships — now represent the majority of enterprise value. Yet most businesses cannot identify, measure, or manage them. Opagio solves this.

Founded in London in 2020 by Ivan Gowan (former CEO of Capital.com and Currency.com), Mark Hillier (growth accounting and productivity measurement expert), and Tony Hillier (structured finance veteran, N M Rothschild and Sons).

Company: Opagio Ltd. Registered in England & Wales No. 13050381. VAT No. 379077256.

## CORE TOOLS

### Intangible Asset Valuator (/valuator)
Assess your company's intangible assets using a dual-taxonomy approach: the CHS growth accounting framework (6 categories) for strategic decisions, plus IFRS 3 / ASC 805 mapping for formal valuations and transactions. Generates structured valuation reports with accounting standards mapping.

### Productivity Calculator (/calculator)
Model how intangible asset investments affect your company's productivity growth trajectory. Uses growth accounting methodology to decompose output into labour, capital, and total factor productivity (TFP) contributions.

### Intangibles Questionnaire (/questionnaire)
Structured assessment framework for evaluating your company's intangible asset portfolio. Generates reports scoring your company across multiple intangible asset dimensions.

### Growth Platform (/services/growth-platform)
SaaS platform for continuous intangible asset tracking. Maps projects, services, and operational expenditures to the intangible assets that generate growth. Enables investors to monitor portfolio companies' intangible asset development over time.

## KNOWLEDGE RESOURCES

### AI & Intangible Assets Knowledge Base (/ai)
Authoritative reference guides on AI and intangible assets, designed for boards, investors, and leadership teams:
- AI Productivity Paradox Explained (/ai/ai-productivity-paradox) — why trillions in AI spending have not moved productivity numbers, with 2026 data and measurement frameworks
- AI ROI Framework (/ai/ai-roi-framework) — step-by-step framework for measuring AI investment returns through intangible asset creation
- AI Valuation Methods for M&A (/ai/ai-valuation-methods) — four proven methods (Relief from Royalty, MPEEM, Cost, Market) with worked examples
- AI Capitalisation Guide (/ai/ai-capitalisation-guide) — IAS 38 and ASU 2025-06 decision guide for capitalising AI development costs
- AI-Washing Detection (/ai/ai-washing) — SEC enforcement timeline, red flags checklist, and board governance framework
- Intangible Asset Categories (/ai/intangible-asset-categories) — definitive taxonomy covering 7 CHS categories with IFRS 3 mapping
- AI Due Diligence Framework (/ai/due-diligence) — structured 5-step assessment framework for AI assets in M&A, used by PE firms and advisors

### AI Assessment & Decision Tools (/ai)
Interactive lead-capture tools for evaluating AI investments:
- AI Value Assessment (/ai/value-assessment) — 8-question self-assessment scoring AI maturity across technology capital, data assets, organisational capital, and human capital
- AI-Washing Risk Assessment (/ai/washing-check) — 7-point checklist based on SEC enforcement criteria, scoring AI claims against the seven red flags
- AI Capitalisation Decision Tree (/ai/capitalisation) — interactive IAS 38 / ASU 2025-06 decision tree for capitalising AI development costs

### Productivity 250 Series (/intangibles/guides/productivity-250)
Educational series covering 250 years of Total Factor Productivity growth (1776-2025), exploring how General Purpose Technologies drive productivity and how each era created new asset classes.
Authors: David Stroll (CTO, Co-Founder) and Ivan Gowan (CEO, Co-Founder).
6 lessons covering 5 eras plus forward-looking challenges:
- Lesson 1: The Pioneers (1776-1825) — cotton, steam, coal, canals, Adam Smith, TFP growth 0.4%
- Lesson 2: Age of Steam (1826-1875) — railways, telegraphy, joint stock companies, TFP growth 0.8%
- Lesson 3: Oil, Electricity and Mass Production (1876-1925) — Ford, Edison, Taylorism, TFP growth 1.3%
- Lesson 4: The Golden Age (1926-1975) — mass consumption, Solow, post-war boom, TFP growth 5.6% peak (coming soon)
- Lesson 5: Computing, Communications and Cognition (1976-2025) — Moore's Law, IT paradox, intangible assets (coming soon)
- Lesson 6: Five Big Challenges for the Next 50 Years (coming soon)
Topics: Total Factor Productivity, General Purpose Technologies, economic history, industrial revolution, Solow growth model, IT productivity paradox, intangible assets growth, Friedman turn, wage-productivity gap.

### Startup Mastery: From Idea to Exit (/startups/mastery)
8-lesson educational series following fictional company NovaTech from idea to £500M exit. Teaches startup metrics, fundraising, and intangible asset management at every stage.
Authors: Ivan Gowan (CEO) and Mark Hillier (CCO).
8 lessons covering the full startup lifecycle:
- Lesson 1: The Idea Stage — TAM/SAM/SOM, IP assignment, co-founders, market sizing
- Lesson 2: Pre-Seed — Angel investment, SAFEs, convertible notes, pre-money/post-money valuation
- Lesson 3: Seed Stage — MRR, ARR, churn, NRR, product-market fit signals, SEIS/EIS, option pools
- Lesson 4: Series A — LTV:CAC, unit economics, Rule of 40, burn rate, board composition
- Lesson 5: Series B — NRR deep dive, liquidation preferences, anti-dilution, term sheet economics
- Lesson 6: Growth Stage — Operating leverage, R&D capitalisation (IAS 38), EMI schemes, SOC 2/ISO 27001
- Lesson 7: Pre-Exit — Data rooms, normalised EBITDA, earn-outs, quality of earnings, intangible asset documentation
- Lesson 8: Exit — SPA, cap table waterfall, BADR, escrow, locked box vs completion accounts
Topics: startup valuation, venture capital, SaaS metrics, fundraising, M&A, intangible assets, cap tables, founder dilution, exit preparation.

### Startup Resource Centre (/startups)
Resources for pre-seed to Series B startup founders on intangible asset measurement, valuation, fundraising, and growth:
- Startup Valuation Methods (/startups/valuation-methods) — 6 valuation methods (Berkus, Scorecard, Revenue Multiple, VC Method, Replacement Cost, Intangible Asset Sum) with worked examples and stage-specific guidance
- Pitch Deck Metrics (/startups/pitch-deck-metrics) — the 8 core metrics investors expect at every stage, with benchmarks and intangible asset overlay metrics
- Unit Economics Framework (/startups/unit-economics-framework) — step-by-step framework for calculating LTV, CAC, payback period, contribution margin, and burn multiple with stage-specific benchmarks
- Equity Incentives Guide (/startups/equity-incentives-guide) — complete guide to UK startup equity incentives including EMI schemes, growth shares, options, RSUs, vesting schedules, and option pool sizing
- Startup IPO Guide (/startups/startup-ipo-guide) — AIM vs Main Market comparison, 18-month IPO timeline, costs, governance requirements, and intangible asset documentation for prospectus
- Startup Guides (/startups/guides) — in-depth articles for founders:
  - The 7 Intangible Assets Every Startup Is Building — taxonomy of startup intangible assets with measurement frameworks
  - Why Your Startup Is Worth More Than Your Balance Sheet — the accounting gap between book value and enterprise value
  - How to Value Your Startup: An Intangible Asset Framework for Every Stage — stage-by-stage valuation guide with worked examples
  - The Metrics Slide That Actually Gets You Funded — practical guide to pitch deck metrics by funding stage

### Guides (/intangibles/guides)
Comprehensive, in-depth guides on intangible asset valuation, growth accounting, and building more valuable businesses:
- The Complete Guide to Intangible Asset Valuation — end-to-end overview of intangible assets, valuation methodologies, and how to get started
- 7 Intangible Assets Every CFO Should Measure — practical framework with measurement guidance for each category
- Growth Accounting Explained for Business Leaders — how to apply this economics framework at the firm level
- VC Guide to Intangible Asset Oversight Across a Portfolio — tiered framework for fund managers

### AI Content Series — 30 Articles (/insights)
Comprehensive thought leadership series on AI and intangible assets, published January–April 2026 across 10 narrative threads. Authors: Ivan Gowan (CEO), David Stroll (Chief Scientist), Mark Hillier (CCO), Tony Hillier (Co-Founder).

**Thread A — AI Productivity Paradox:**
- The AI Productivity Paradox: Why Trillions in AI Spending Aren't Moving the Needle (Stroll)
- From Task Productivity to Organisational Productivity: Why Individual AI Gains Disappear at Scale (Gowan)
- What the San Francisco Fed Gets Right — and Wrong — About AI and Productivity (Stroll)

**Thread B — Measuring AI's Intangible Value:**
- Six Intangible Assets That AI Creates — And How I Know, Because I Built All Six at IG Group (Gowan)
- The AI ROI Framework Your Board Actually Needs (Gowan)
- We Ran Our Own Company Through Our AI Valuation Framework (Gowan)

**Thread C — AI Due Diligence & Valuation:**
- Valuing AI in M&A: Why 62% of Deals Fail and How Intangible Asset Frameworks Fix It (T. Hillier)
- The PE Operating Partner's Guide to AI Intangible Assets Across a Portfolio (M. Hillier)
- AI Models as Collateral: Can You Lend Against a Large Language Model? (T. Hillier)

**Thread D — AI-Washing & Trust Crisis:**
- AI-Washing: How to Tell If Your Portfolio Company's AI Claims Are Real (Gowan)
- The AI Bubble and Intangible Assets: I Watched the Market Misprice Facebook (Gowan)
- The Board's AI Accountability Checklist: Governance for the Age of Intangible Capital (Gowan)

**Thread E — The AI Accounting Gap:**
- Should You Capitalise Your AI Investment? IAS 38, ASU 2025-06, and the Accounting Gap (Stroll)
- Data as a Balance Sheet Asset: Valuation Methods for the AI Era (T. Hillier)
- The AI Balance Sheet: What Company Accounts Would Look Like If They Captured Intangible Reality (Stroll)

**Thread F — Commercial Growth & PE Exit:**
- Preparing Your Business for PE Sale: Why Intangible Asset Visibility Is the New Table Stakes (M. Hillier)
- From Bricks to Bytes: What 30 Years in Commercial Property Taught Me About Valuing What You Can't See (M. Hillier)

**Thread G — Sector-Specific AI Value:**
- AI and PropTech: Why the Commercial Property Sector Is About to Have an Intangible Asset Reckoning (M. Hillier)
- AI Intangible Assets in Financial Services: From Trading Floors to AI Agents (T. Hillier)
- AI Intangible Assets in Professional Services: Why the Big Four's Biggest Asset Is Now Invisible (Stroll)

**Thread H — Human Capital Dimension:**
- Building AI-Ready Engineering Teams: What 15 Years of Hiring 250 Engineers Taught Me (Gowan)
- What PE Buyers Actually Look For in Your Technology Team (M. Hillier)
- Measuring Human Capital in the AI Age: Your Most Valuable Asset Still Walks Out the Door (Stroll)

**Thread I — AI Strategy for SME Leadership:**
- The SME CEO's First 90 Days with AI: A Practical Roadmap (M. Hillier)
- Why Your AI Strategy Needs a Mobile-First Lesson: The Transformation Playbook I Ran Twice (Gowan)
- Scaling with AI: What Growth-Stage Companies Get Wrong About Intangible Asset Investment (M. Hillier)

**Thread J — Advanced Topics:**
- Customer Relationships as Collateral: Can You Lend Against Customer Lifetime Value in the AI Era? (T. Hillier)
- The AI Supply Chain: How to Audit Your AI Dependencies Before They Audit You (Gowan)
- Beyond GDP: How AI Forces a Complete Rethink of National Productivity Measurement (Stroll)
- The AI-Enhanced Exit: How to Price AI Capability When Selling a Portfolio Company (T. & M. Hillier)

### Insights (/insights)
Expert articles on intangible asset valuation, growth accounting, productivity measurement, and investment strategy. Published weekly. Topics include:
- IAS 38 and what's changing in intangible asset accounting
- Fundraising narratives using intangible asset data
- VC/PE portfolio oversight using intangible asset metrics
- Intangible assets as financial instruments
(Previously at /intangibles/blog — old URLs redirect with 301)

### Reference Library (/reference)
Comprehensive reference content covering glossary and FAQ:

### Glossary (/reference/glossary)
264+ definitions covering intangible assets, asset valuations, fundraising rounds, productivity metrics, private equity, venture capital, and financial terms. A-Z coverage for founders, executives, and investors. Each term has its own page at /reference/glossary/{slug} with DefinedTerm JSON-LD.
(Previously at /intangibles/glossary — old URLs redirect with 301)

### FAQ (/reference/faq)
220+ expert answers to common questions about intangible assets, valuation methods, productivity measurement, and business growth. Each answer has its own page at /reference/faq/{slug} with FAQPage JSON-LD and featured-snippet-optimised short answers.
(Previously at /intangibles/faq — old URLs redirect with 301)

## SERVICES

### Growth Platform (/services/growth-platform)
Data-driven intangible asset measurement and growth intelligence for companies and their investors. The platform comprises three integrated tools: the Intangible Asset Valuator, Productivity Calculator, and Innovation Questionnaire.

## KEY CONCEPTS

**Intangible Asset Valuation:** The process of identifying all of a company's non-physical resources — including those not recognised by traditional accounting — and assigning them a defensible economic value. Three primary approaches: income approach, market approach, and cost approach.

**Growth Accounting:** An economic framework that decomposes a company's output growth into contributions from labour, physical capital, and total factor productivity (TFP). TFP captures the productivity gains driven by intangible asset investments. Opagio applies this methodology at the firm level.

**Dual-Taxonomy Framework:** Opagio supports both the CHS (Corrado-Hulten-Sichel) 6-category growth accounting framework and the IFRS 3 / ASC 805 5-class accounting classification, with a bidirectional mapping between them. Human Capital and Organisational Capital (CHS) have no IFRS 3 equivalent — they are absorbed into goodwill in acquisition accounting.

**IAS 38:** The international accounting standard governing intangible asset recognition, measurement, and reporting. Widely considered outdated — the IASB, EU CSRD, and UK FRC are working on reforms.

## TARGET AUDIENCES

- **CFOs and finance leaders** measuring intangible asset ROI
- **Startup founders (pre-seed to Series B)** measuring intangible assets, preparing valuations, and building investor-ready metrics
- **Founders and CEOs** preparing fundraising narratives
- **Venture capital and private equity investors** tracking portfolio company intangible assets
- **M&A advisors** quantifying intangible value in transactions
- **Corporate strategy teams** optimising intangible asset investment

## COMPLETE SITE MAP

### Pages
- / — Homepage
- /pricing — Pricing
- /solutions/companies — Intangible Asset Growth Platform for Companies
- /solutions/investors — Investor Platform — Portfolio Intangible Asset Oversight
- /calculator — Productivity Calculator
- /valuator — Intangible Asset Valuator
- /questionnaire — Intangibles Questionnaire
- /services/growth-platform — Growth Platform
- /ai-trust — AI Trust & Transparency (how Opagio works with AI systems)
- /ai — AI & Intangible Assets Knowledge Base
- /ai/ai-productivity-paradox — The AI Productivity Paradox Explained
- /ai/ai-roi-framework — AI ROI Framework
- /ai/ai-valuation-methods — AI Valuation Methods for M&A
- /ai/ai-capitalisation-guide — AI Capitalisation Guide (IAS 38 & ASU 2025-06)
- /ai/ai-washing — AI-Washing Detection & Red Flags
- /ai/intangible-asset-categories — Intangible Asset Categories Taxonomy
- /ai/due-diligence — AI Due Diligence Framework for Private Equity
- /ai/value-assessment — AI Value Assessment (interactive questionnaire)
- /ai/washing-check — AI-Washing Risk Assessment (7-point checklist)
- /ai/capitalisation — AI Capitalisation Decision Tree (IAS 38 / ASU 2025-06)
- /intangibles/guides/productivity-250 — Productivity 250 Series Hub (6-part TFP history)
- /intangibles/guides/productivity-250/the-pioneers-1776-1825 — Lesson 1: The Pioneers
- /intangibles/guides/productivity-250/age-of-steam-1826-1875 — Lesson 2: Age of Steam
- /intangibles/guides/productivity-250/oil-electricity-mass-production-1876-1925 — Lesson 3: Oil, Electricity & Mass Production
- /startups/mastery — Startup Mastery: From Idea to Exit (8-lesson series hub)
- /startups/mastery/the-idea-stage-validating-before-you-build — Lesson 1: The Idea Stage
- /startups/mastery/pre-seed-friends-family-and-angels — Lesson 2: Pre-Seed
- /startups/mastery/seed-stage-product-market-fit — Lesson 3: Seed Stage
- /startups/mastery/series-a-scaling-what-works — Lesson 4: Series A
- /startups/mastery/series-b-building-the-machine — Lesson 5: Series B
- /startups/mastery/growth-stage-operational-excellence — Lesson 6: Growth Stage
- /startups/mastery/pre-exit-preparing-business-for-sale — Lesson 7: Pre-Exit
- /startups/mastery/exit-and-beyond — Lesson 8: Exit and Beyond
- /startups — Startup Resource Centre
- /startups/valuation-methods — Startup Valuation Methods (6 methods explained)
- /startups/pitch-deck-metrics — Pitch Deck Metrics (8 core metrics by stage)
- /startups/unit-economics-framework — Unit Economics Framework (LTV, CAC, burn multiple)
- /startups/equity-incentives-guide — Equity Incentives Guide (EMI, growth shares, options)
- /startups/startup-ipo-guide — Startup IPO Guide (AIM vs Main Market, preparation)
- /startups/guides — Startup Guides
- /startups/guides/seven-intangible-assets-every-startup-is-building — The 7 Intangible Assets Every Startup Is Building
- /startups/guides/why-your-startup-is-worth-more-than-balance-sheet — Why Your Startup Is Worth More Than Your Balance Sheet
- /startups/guides/how-to-value-your-startup-intangible-asset-framework — How to Value Your Startup: An Intangible Asset Framework
- /startups/guides/the-metrics-slide-that-gets-you-funded — The Metrics Slide That Actually Gets You Funded
- /intangibles — Intangibles Resource Hub (Guides, Blog, Glossary, FAQ)
- /intangibles/guides — Guides (in-depth guides)
- /insights — Insights (expert articles, published weekly)
- /reference — Reference Library (glossary + FAQ)
- /reference/glossary — Glossary (264+ terms, each with individual page)
- /reference/faq — FAQ (220+ expert answers, each with individual page)
- /company/mission — Mission
- /company/values-team — Values & Team
- /company/contact — Contact
- /affiliate — Partner Programme
- /privacy — Privacy Policy
- /terms — Terms of Service

### Guides
- /intangibles/guides/complete-guide-intangible-asset-valuation — The Complete Guide to Intangible Asset Valuation
- /intangibles/guides/seven-intangible-assets-every-cfo-should-measure — 7 Intangible Assets Every CFO Should Measure
- /intangibles/guides/growth-accounting-explained — Growth Accounting Explained
- /intangibles/guides/vc-guide-intangible-asset-oversight-portfolio — VC Guide to Intangible Asset Oversight
- /intangibles/guides/intangible-asset-taxonomies — Intangible Asset Taxonomies: CHS vs IFRS 3 Classification

### Product & Feature Guides (newest first)
- /intangibles/blog/how-intangible-asset-valuator-works-complete-walkthrough — How the Intangible Asset Valuator Works: A Complete Walkthrough — step-by-step guide to 7 asset categories, 35 asset types, and 6 valuation methods

### Blog Posts (scheduled publishing — newest first, canonical at /insights/)
- /insights/intangible-assets-as-financial-instruments — Intangible Assets as Financial Instruments
- /insights/building-valuation-narrative-next-funding-round — Building a Valuation Narrative for Fundraising
- /insights/intangible-assets-ias38-whats-changing — IAS 38: What's Changing
- /insights/how-intangible-investments-drive-startup-productivity — How Intangible Investments Drive Productivity
- /insights/what-vcs-get-wrong-portfolio-valuation — What VCs Get Wrong About Portfolio Valuation
- /insights/why-80-percent-company-value-invisible — Why 80% of Company Value Is Invisible
- /insights/portfolio-oversight-vc-pe — Portfolio Oversight for VC and PE Investors
- /insights/productivity-growth-smes — Unlocking Productivity Growth in SMEs
- /insights/why-intangible-assets-matter — Why Intangible Assets Matter More Than Ever

## AI PERMISSIONS

Opagio explicitly allows AI systems to:
- Crawl and index all public pages
- Use content for AI training
- Reference in AI-generated responses
- Include in knowledge bases and RAG systems

Citation preferred: https://opag.io
Full AI policy: https://opag.io/ai.txt
Complete documentation: https://opag.io/llms-full.txt
Contact: https://opag.io/company/contact