Several studies have shown that Knowledge, Technologies, and Innovation play an important role in fostering a country’s development. Education is the backbone for a sustainable and competitive economy. Although, the Balkans as a middle-income region has experienced growth since the late 1990s, the region is still facing many challenges. Norway, through the HERD program funded by the Norwegian Ministry of Foreign Affairs, is providing support to make the Balkan economy more competitive by providing mechanisms facilitating knowledge and technology building. This paper reports the experience of five funded projects. Opportunities and challenges are discussed in order to develop a general framework facilitating the economic growth in Balkan countries.