Historically, the higher education system was the first knowledge industry. Today however, it no longer stands alone, but is one knowledge industry among many. Now, more than ever before, there is a stronger cooperation between the academia and industry, due to interdisciplinary activities, and because R & D activities are not limited to universities, but performed by industry too. Thus, new knowledge is created not only in universities and research institutes, but also in industry. Also, the implementation of knowledge develops not only in industry, but also within the academia. This means that the boundaries between industrial and academic research have been blurred. However, in spite of this fact, we still have not witnessed the breakthrough that we have been anticipating so keenly. It is highly important that policy leaders and decision makers in both the academia and industry should use “knowledge tools” for better communication between them. In industry, the tremendous value of knowledge strategy for business sustainability has already been realized. But while knowledge management tools that are suited to the current knowledge world have been implemented in industry for some time now, universities have not yet done so.