The backbone of innovative regions are innovative SMEs. Many SMEs face a crucial moment when the business gets transferred, e.g. due to retirement of the previous owner. In fact, more jobs are lost due to failed business transfers, than new jobs are created in start-ups every year. In Lithuania most private companies have been started in the early 1990s, by 30-45 years old owners. A lot of the owners must transfer their businesses in the next years and look for a successor. In addition, Lithuania needs to significantly increase its start-up rates. The already existing shortage of qualified entrepreneurs, managers and skilled workers will increase in the future. This adversely affects further development of small and medium-sized enterprises. High qualification requirements are quickly changing in our time characterized by turbulent economic change. Thus, securing qualified junior staff becomes vital for the survival of SMEs.  Against this background, it is of crucial importance for further economic development in Lithuania to overcome the lack of professional and managerial staff and entrepreneurs and to ensure outstanding qualifications. At the conference, innovative training paths, future-oriented new courses of study and effective support for small and medium-sized enterprises will be presented and discussed.