Knowledge Management as a Model for Managing Knowledge-Based Firms in Science & Technology Park

Success in organizations is based on knowledge management, both the physical and financial resources. The new realities of business world are knowledge-based companies and organizations applying creativity and innovation. Science parks are important strategy to support knowledge-based firms. After constructing companies it is very important how to manage them. So the organization task is to provide favorable condition for knowledge management. Nowadays the challenge is how managers develop employee's minds in knowledge based organizations. Knowledge management (KM) is the process of capturing, developing, sharing, and effectively using organizational knowledge. It refers to a multi-disciplined approach to achieving organizational objectives by making the best use of knowledge. Institutionalization of knowledge management in science parks lead to improvement of their performance. Knowledge plays an important role in activating employees and organization. Gradually physical and financial capitals are replaced with intellectual capitals. The study suggests science parks managers should use new and suitable knowledge management models to improve their competitive advantage in order to mange knowledge and intellectual capitals to maintain sustainability in area of industry and society.