definitions

Knowledge

Knowledge is what is known. Like the related concepts truth, belief and wisdom. There is no single definition of knowledge on which scholars agree, but rather numerous theories and continued debate about the nature of knowledge. Knowledge acquisition involves complex cognitive processes as perception, learning, communication, association and reasoning. The term knowledge is also used to mean the confident understanding of a subject, potentially with the ability to use it for a specific purpose.

Tacit knowledge

By definition, tacit knowledge is not easily shared. One of Polanyi's famous aphorisms is: "We know more than we can tell." Tacit knowledge consists often of habits and culture that we do not recognize in ourselves. The concept of tacit knowledge refers to a knowledge which is only known to you and hard to share with someone else, which is the opposite from the concept of explicit knowledge.

The tacit aspects of knowledge are those that cannot be codified, but can only be transmitted via training or gained through personal experience. Tacit knowledge has been described as “know-how” (as opposed to “know-what” [facts] and “know-why” [science]). It involves learning and skill but not in a way that can be written down.

Explicit knowledge is knowledge that has been or can be articulated, codified, and stored in certain media. The most common forms of explicit knowledge are manuals, documents, procedures, and stories. Knowledge also can be audio-visual. Works of art and product design can be seen as other forms of explicit knowledge where human skills, motives and knowledge are externalized

Intellectual capital:Is broken into three types:

Human Capital: The know-how together with experience, education, skills and ability, vision and co-creativity
Structural Capital:
- Processes, procedures, standards and databases
- Intellectual Assets (documents, drawing, programs, data, inventions, etc.)
- Intellectual Property
Customer Capital: The key network of relationships with customers and suppliers and the broader business, academic and social communities.

Learning

Learning is the process of acquiring knowledge, skills, attitudes, or values, through study, experience, or teaching. Learning causes a change of behavior that is persistent, measurable, and specified or allows an individual to formulate a new mental construct or revise a prior mental construct (conceptual knowledge such as attitudes or values). It is a process that depends on experience and leads to long-term changes in behavior potential. Behavior potential describes the possible behavior of an individual (not actual behavior) in a given situation in order to achieve a goal. But potential is not enough; if individual learning is not periodically reinforced, it becomes shallower and shallower, and eventually will be lost in that individual.
Short term changes in behavior potential, such as fatigue, do not constitute learning. Some long-term changes in behavior potential result from aging and development, rather than learning.

Education

Education is the conscious attempt to promote learning in others. The primary function of "teaching" is to create a safe, viable, productive learning environment. Management of the total learning environment to promote, enhance and motivate learning is a paradigm shift from a focus on teaching to a focus on learning.

Research and Development

Research is planned search or critical investigation aimed at discovery of new knowledge with the objective that such knowledge will be useful in developing new products/processes/services, or in bringing about a significant improvement to existing products/processes services.

Development is the translation of research findings or other knowledge into a plan or design for new, modified, or improved products/processes/services whether intended for sale or use. It includes the conceptual formulation, design, and testing of product/process/service alternatives; the construction of prototypes; and the operation of initial, scaled-down systems or pilot plants. It does not include routine or periodic alterations to existing products, production lines, manufacturing processes, services, and other on-going operations even though those alterations may represent improvements.

Innovation

Innovation is the creation and transformation of knowledge into new products, process, or services that meet market need. Change is considered the raw material and driving force for innovation. There are two types of innovation: Product and Process Innovation

Entrepreneurs

An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.

Seed Capital

Seed funding is investing capital to begin a new project, so that it has enough funds to sustain itself for a period of development until it reaches either a state where it is able to continue funding itself, or has created something in value so that it is worthy of future rounds of funding.

Seed funding involves a higher risk than normal venture capital funding, as the investor does not see any existing project to evaluate for funding. Hence the investments made are usually lower (in the tens-thousands to hundred-thousands of dollars) as against normal venture capital investment (in the hundred-thousands to millions of dollars), for similar levels of stake in the company. Investors make their decision whether to fund a project based on the perceived strength of the idea and the capabilities, skills and past history of the founders.

Technology

The application of knowledge to useful objectives (products and services). It is usually built on previous technology by adding technology inputs or new scientific knowledge. Technology can be embodied in people, material, cognitive and physical processes, plants, equipment, and tools. Technology may even involve little or no science, as scientists define the term.

Technology Types

Base Technology: It a technology that is currently available to all competitors and generally known in the industry. It can be purchased for a fair price.
Key Technology: Is a technology of current competitive interest. It can differentiate competitors and are generally the subject of current R&D. As they mature, these may become base technologies.
Emerging Technology: are of unproved value, but may significantly affect the future. They may become key technologies. It will move a corporation ahead of competition.