The field of Knowledge Management has recently become the focus of writings and research of management strategists and information technologists. While many seem convinced that Knowledge Management is the correct approach to secure a strategic advantage, there has been less focus on the means by which a company implements a Knowledge Management initiative. In order for a Knowledge Management initiative to be successful, knowledge exchange must take place. In order for knowledge exchange to take place, significant cultural elements must take exist—those that reward the sharing, adaptation and application of the collected corporate knowledge.