The topics of organizational learning and knowledge management have recently gained considerable attention in business settings. On the other hand, little attention has been paid to how such concepts can benefit higher education with universities often seemingly grasping firmly to a pre information revolution paradigm. This paper introduces a model of knowledge management and creation that can be implemented by teams of students and faculty members in a University setting. The model includes three entities: the research engine, the development engine and the learning engine. Here we will introduce each and explain how the three interact in the knowledge creation cycle.