Effective Management towards Successful Knowledge Based Economy

Science and Technology Parks play an important role in developing a strong Knowledge Based Economy (KBE) for the nations. This is mainly due to the execution of different initiatives to promote innovations and support the research and development as well as the technology transfer. These initiatives would have a great effect on the national economy once an eco-system has been established to support the different development phases in order to progress the innovative ideas towards creating useful products. Managing this eco-system would require a well-defined knowledge management process that deals with the creation and transfer of knowledge, the dissemination of knowledge, the utilization of knowledge, and the monitoring the execution of knowledge management phases. In this paper, the programs used to establish the eco-system at Riyadh Techno Valley (RTV), the process of sharing and disseminating knowledge at RTV, and an analytical method for assessing and measuring the effectiveness of the knowledge based economy has been described. This is based on a well-defined set of performance indicators to verify the availability of useful knowledge for achieving a successful investment and business continuity so a strong efficient KBE can be achieved.