What are Knowledge Based Industries (KBIs)?
Knowledge Based Industries are industries that are primarily based on knowledge rather than on labor, capital and other economic factors. KBIs rely heavily on scientific advances, innovation and pioneering technology.
Information and knowledge have emerged as the main contributors of value in the modern global economy.
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KBIs have become the cornerstone of the 21st Century economy
The scientific progress achieved at the end of last century has spawned another economic revolution, like the industrial revolution, that is transforming our everyday life and producing radical changes in the global economic landscape. For example, information technology is effectively eliminating national borders around the world.
KBIs will continue to reshape our lives and economic activities. The emerging fields in Biotechnology and Nanotechnology will lead to unprecedented understanding and advancement of industrial and service sector, through the introduction of new products and processes.
Almost everything we use, from vaccines to communication systems, from automobiles to aviation, will change dramatically. Products not yet imagined are likely to be invented, designed and made available in the very near future.
With the advent of KBIs, the platform for giant leaps forward is already in place. The industries of the future are being shaped by the exploding knowledge base at this very moment, and KBI leaders will be the key players in the world economy of the 21st century.
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Benefits of KBI
 The benefits of any Knowledge Economy or particularly Knowledge Based Industries are in three folds namely Human Resources, Innovation and Growth. The relationship between these three factors is cyclical. Better human resources leads to superior innovations, which lead to greater growth, in return growth, substantiate better quality human capital.
Human capital is the central pillar of any developmental activity. The focus of Knowledge Based Industries is basically to enhance the quality of labor to learn and adopt newer technology for better productivity.
Innovation in product, process and organizational structure transforms the future of any industry.
As economies become more knowledge based the obvious route for the industries to follow is a science based strategy.
The key for the industries to get the full benefits of innovation is openness towards international flow of knowledge and accommodating it through all means.
Growth is the resultant associated with better adoption of human capital and innovation. The future focus is Knowledge Economy through Knowledge Based Industries.read more  |
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