This report presents a literature study concerning three areas, Ontology Development Methodologies, Ontology Evolution, and Ontologies in Small and Medium-Sized Enterprises. The objectives were to find out and summarize what has been done so far in the different areas, as well as to find out what has not yet been done, and thereby discover new possible research areas. Ontologies are widely used as a technique for representation and reuse of knowledge. We believe that ontologies can be used in small and medium-sized enterprises and help companies by supporting knowledge sharing, reuse of knowledge, inter-operability, and much more. The main conclusion is that a lot of work has been put into Ontology Development, many methodologies are very mature and have been used in practice. Still, not all of them cover the aspects we are interested in, e.g. reuse of already existing ontologies and covering the whole life cycle. In Ontology Evolution, the main focus is on keeping an ontology and its dependents consistent, and it does not concern when to make changes, or what to actually change. Ontology use in small and medium-sized enterprises is not so common, but some experiences exist.