The aim of the research is to analyse the concept of the intellectual capital investments in order to clarify the definition and understanding of the concept for business society at enterprise level. There is no unique approach how to define intellectual capital investments. The definition of intellectual capital investments depends on the aim of study or practical implementation. Some researchers define the investments as a different kind of expenditures according to the intellectual capital components. Other researchers use other definitions of the intellectual capital investments such as intangible investments, knowledge based investments, intangible activities etc. Different points of view interfere the understanding of the concept of the investments at enterprise. As a result entrepreneurs do not invest in intellectual capital. The authors critically analyzed different concepts and clarified the definition of the intellectual capital investments.