Synopsis After the Industrial Revolution, which was followed by the technology revolution, the world is now witnessing another revolution driven by knowledge. Earlier, growth was determined mainly by the availability of land, labor, capital and natural resources. However, in the 21st century, knowledge is recognized as one of the crucial factors for economic growth. Organizations need to be adept at absorbing, creating, and applying new knowledge in order to thrive in a rapidly changing and unpredictable environment. In a Knowledge-based Economy (KBE), organizations will require understanding, rapid adaptability and proactive change of the rules of the game.