The development of the modern economy depends directly on the formation of basic knowledge variables. The term ‘knowledge-based economy' is used to define an economy which knowledge and knowledge creation plays a crucial role for growth. It is not possible to survive in the new world with the old economic thought and mentality. According to Chavula(2010), knowledge is at the heart of economic growth, as it increaases the ability to take advantage of existing technologies and innovations, enhanced competitiv