Intellectual capital is the single most important asset owned by any organization. Business continuity, innovation, and long-term sustainability of Small Medium Enterprises depend partly on accumulated organizational knowledge. Knowledge is hard to capture and manage due to its implicit nature. This paper seeks to investigate how Web 2.0 technologies are being used to overcome knowledge sharing and collaboration issues. The new web technologies, which are based on platforms, are referred to as emergent social software platforms (ESSP’s). The use of ESSP’s within a business enterprise to achieve business goals is known as enterprise 2.0 (E2.0). Central to this research is the proposed knowledge sharing cycle model, which has three main stages - internalization, externalization, and objectification. This model is adapted based on the findings of a case study of IBM Corporation. The findings indicate that ESSP’s can be used to support knowledge sharing practices and to help convert knowledge into its different forms.