The idea of the project is to excel entrepreneurship education in higher education by creating effective knowledge alliances (KA) between higher education institutions (HEI) and businesses. It is focused on developing students’ entrepreneurship competencies (ECs) to meet the labour market expectations towards professional competencies of employees and entrepreneurs taking into account the macro-level developments such as globalisation, technological advancements and demographic shifts. The project includes both diagnoses of divergences between employers’ needs and actual students’ entrepreneurship competences (ECs), proposition of the new entrepreneurship education (EE) framework embedding ECs together with innovative teaching and learning approaches and its application in practice. The novelty of the project is guaranteed by cooperation of diverse partners interested in different but innovative teaching and learning approaches for students and future workforce with competences meeting societal challenges. The Project includes new and innovative tools and teaching and learning opportunities, which are different from the existing experiences in HEI and businesses today. These include: self-assessment tools to assess the level and need for ECs according to societal needs; new innovative study and training programmes relying on entrepreneurship competence-based approach; innovative teaching and learning approaches based on embedding the development of ECs in EE and subject-specific courses; roadmap for the development of expansive entrepreneurial learning environment at the workplaces supporting ECs development. The project is focused on providing innovative solutions for both, universities and businesses and is supporting the development of innovative and reflective European societies with an innovative HEIs and businesses in a context of growing global interdependencies.