In order for the European Union to be successful in implementing and expanding open innovation as one of the main driver of its socio-economic growth higher education institutions (HEI) must be able to produce independent, creative, entrepreneurial individuals, who understand inter- and multidisciplinary challenges of the socio-economic environment and as a result can contribute to open innovation. HEIs also have to develop action learning methods that bring the social/economic problems into the classroom along with the relevant stakeholders to facilitate co-learning and co-creation between students, professors and the stakeholders (businesses, policy makers, society) with a particular problem. Students and academics have to learn, perform research and co-create with busniess as well as with governmental and the society in accordance with the open university concept and the Triple Helix model. EU’s success in the global competition is also heavily dependent on the ability of the economy to produce innovative enterprises with high growth potential that can give stimulus to the actors of the socio-economic environment; can stabilize the labour market; can strengthen the small and medium size enterprise sector and can creatively work with the HEIs. Creating a common framework and a unified entrepreneurial ecosystem across the EU that includes HEIs as the engine of open innovation, inequality among the regions of the EU can be decreased. The main objective of the NetMIB is to facilitate the efficient cooperation between the public - private - governmental sphere of the economy in order to enable socio-economic growth via the development of entrepreneurial skills, capacity of university students. This general objective involves the improvement of the quality and relevance of the teaching methodology at the participating HEIs to develop entrepreneurial capacity of university students. The project while developing entrepreneurial capacity aims at providing answers to current socio-economic problems by generating relevant business ideas on the part of university students. This action learning approach will further strengthen the functioning of the Triple Helix model at the participating HEIs. By internationally interconnecting the participating HEIs' ideation and business model generation practices in the framework of the NetMIB significant intercultural, cross industrial, and multidisciplinary benefits will arise on the parts of all participants. The project also intends to establish a transnational entrepreneurship ecosystem that can support the development of entrepreneurial skills of participating persons (students, faculty members, business professionals, public servents,...etc), while creating innovative solutions that are able to solve regional, national or international socio-economic problems. The project consortium consists of two research institutions, three HEIs, one being an oversees expert in the field and one university lead sceince park as members. The consortium is further supported by associated partners who are part of the knwoledge triangle at each local ecosystem and will benefit from the improvement of the local and the establisment of a transnational entrepreneurial ecosystem. The research insituttions have conducted extensive research activities in the field of educational methodologies, while the HEIs have been implementing state of the art entrepreneurship educations tools and methods to enhance socio-economic benefit of their activities. The methodology used in the project's implementation phase is based on the following 5 steps process 1) Investigation/research ( literature review, interviews and questionnaire survey) on the 2 main domains tackled by the project (entrepreneurship education/incubation practices and Governance/rewarding systems) with the aim to give a solid scientific and operational foundation to project operations. 2) Design & development. Starting from the results of the previous phase (best practices) an entrepreneurship and virtual incubation program will be designed and the related teaching materials will be developed along with a set of recommendations to anchor the program into the HEIs structure and regional environment. An ICT platform to support the virtual incubation program and to connect students/teachers/coaches participating from the different partner countries will be set up. 3) Capacity building. Academic trainers from the partner organizations will be selected (19) and a capacity building session will be organized to prepare them to deliver the program making use of the teaching materials (Program Toolkit) and of the ICT platform developed. 4) Testing & fine–tuning. Partners (UTA, UP, Espaitec) will be asked to organise a pilot of the program by selecting each of them a specific block to be tested. 5) Disseminating & Exploiting.