We often come across theories and aspects related to ‘knowledge’, but seldom do we try to understand its hidden implications. Knowledge as understood generally is about the information of facts and understanding of a subject. This article essentially argues against this understanding. It explores the multiple dimensions of ‘knowledge’ through a literature review and illustrations of practical examples. It makes a case for how important the process of knowledge creation is, especially given current societal challenges. It also outlines the importance of co-creation of knowledge, through acknowledgement and valuation of alternate paradigms of knowledge. Further, it discusses the concept of ‘knowledge democracy’, and how institutions of higher education, by abiding by its principles, can help achieve ‘excellence in engagement’. The article concludes with the findings of two studies undertaken by the United Nations Educational, Scientific and Cultural Organization (UNESCO) Chair, which were based on the principles of ‘knowledge democracy’ and ‘excellence in engagement’.