Project goals and objectives: Wider objective is to reinforce the role of HEIs in assisting industrial trans-formation in Georgia and Ukraine under Industry 4.0 paradigm. Specific project objectives are: To reinforce capacities in HEIs (human resource, material base, institutional units) in response to emerging Industry 4.0 paradigm. To reinforce collaboration of HEIs with industry by delivery tailored courses and consultancy services for companies (large and SME) towards exploring the opportunities of new Industrial Revolution through reconfiguration of business models. To set new taught module “”Industry 4.0 Business Management”” for the MSc students for enhancing graduates’ employability under emerging market conditions. To develop recommendations for updating the Engineering curriculum towards competencies required for operating the factories of the future.