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Fremont: A big strategic decision is important for every organization, irrelevant of its size. Big company have huge pockets to invest in expensive knowledge management systems that might prove to be useless in most of the decision making processes, but the startup funds are like an 'Oasis' in the desert that needs to be utilized very profoundly to extract maximum result.
A strategic management of knowledge focuses only on those knowledge assets that are critical to a firm's competitive performance and this is important for startups to register its existence in market with less investment, or rather say expenditure in the unwanted management systems.
To stop the money funneling from the basis source of your organization, the startup needs to be more inclined towards identifying the knowledge assets that will drive their organization's competitive performance. The implicit knowledge embodies deep understanding that is hard to articulate and explain to others and this might cost a lot of time, energy and money of the startups.
Being a startup, there sometimes lies a loophole in the security of knowledge and secrets. Such loopholes may bring in the company to a situation for closure. The entrepreneurs must check for these and any such outsourcing of knowledge and secrets should be a deliberate strategic move and not a consequence of leakage.
For this, the startup entrepreneurs need to identify the blocks of knowledge in their firm's possession and measure how codified and diffused they are. A codified knowledge is much better for an organization, as it becomes difficult for the outsiders to understand it. So, entrepreneurs should strive to make their knowledge more and more codified to diminish the chances of any error. Say for a company that manufactures cosmetics; the chemicals and their compositions used in the process is a secret, that if leaked will affect not only the production of the company but might ultimately lead to shutting down the gate. Such disaster will provide the competitors an additional benefit and a competitive edge over them.
Instead of spending money on building and accumulating knowledge management tools and systems, it is important for the startups to check for the existing deficiencies and loopholes and repair them. Also, keep an eye on the source that results in such leakages. This might cost them less when compared to establishing a completely new system of management.
Once mapped the knowledge, it is important to then decide on how to profitably allocate the resources to its further development. This will help the entrepreneurs to identify the knowledge that they need to be investing in, holding on to, sharing with others or letting go and if so then how to go about it. Asking simple and scaling questions to identify and locate your key knowledge assets such as a chunk of product design needed to develop electronic equipment; expensive mistakes can be avoided.
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