A key concept of this sector of economic activity is that knowledge and education can be treated as a business product and that educational and innovative intellectual products and services can be exported for a high value return.
A number of New Zealand businesses had been identified as being highly innovative and leading their fields as a result of the knowledge and intellectual creativity that went into their products and services. The resulting success is seen as a pathway for others to follow.
Other terms for the concept include Knowledge Society and Knowledge Wave, as in catching or riding the knowledge wave in a similar manner that a surfer catches and rides a surf wave.