Ontologies as means for knowledge manipulation in IT have gained its popularity in recent years. The scenarios of successful implementation can mainly be found in the World Wide Web domain and within academia while there are only a few in business environment. This paper introduces Rapid Ontology Development model and accompanying intelliOnto support tool to facilitate ontology construction for inclusion in business applications. Emphasis is given to simplification of the development process of functional components by bridging the gap between formal syntax of captured knowledge and acquisition of knowledge in semi formal way. Verification of the model will be presented with running examples from the domain of financial portfolio management and organisation of a rent-a-car etc.
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