The project addresses such problems in the economies and higher education systems of Belarus and Ukraine as marginalized private sector and insufficiency of today approaches in teaching engineering and entrepreneurial culture shaping. The project Goal is to develop environment that stimulates engineering creativity, entrepreneurial activities & fosters youth employability via university-business-industry networking on fablab platforms. 5 university fabrication laboratories with innovative equipment will be created at universities in Belarus and Ukraine for implementation of students’ engineering projects and will serve as university-enterprise “meeting points”, opening networking opportunities in both directions. 5 training packages including eLearning materials will be developed in English and Russian using the competence-based approach and in accordance with the requirements of the Bologna process. They will combine creative engineering and business aspects for building up hard&soft skills of students, trainees, LLL and will be based on modern pedagogical approaches. Engineering curricula of respective specialties will be modernized in accordance with the training materials developed. The project will create a strong impact on various levels: on the institutional level the fablabs and a data base of eLeraning materials will be freely used by students and all the university staff in their daily educational process. On the local and regional level society at large will be included into the fablabs activities via huge information campaign involving local printed and electronic media. On the national level development of the network infrastructure for youth innovation entrepreneurship support will be facilitated by twinning academia/industry and academia/business through encouragement from national public bodies. On the international level a contact network for exchanging good practices, experience sharing and future project implementation will be developed.