In all Baltic Sea Region countries there is a great shortage of entrepreneurs and managers, thus substantially limiting the growth of SMEs. Also, their innovation is lower than potentially possible and desirable. Due to demographic reasons, this shortage will even severely increase in the future. With the exception of Sweden, the number of young labour force in all Baltic Sea Region countries is expected to be down by 25 % by 2030. Given this strong decline on the one hand and the high obsolescence of the present company owners on the other hand, it is getting increasingly difficult to satisfy the high replacement demand for new entrepreneurs. Furthermore, SMEs generally have very good growth prospects. 85 % of all new jobs in the EU are to be created in SMEs. The number of companies may rise by at least 1% per year, implying a high additional demand for entrepreneurs in addition to the replacement demand. The lack of entrepreneurs is particularly high in countries with predominantly school-based vocational training and a lack of further training. In addition to the high demand for SMEs-entrepreneurs, an at least equally high demand is for managers who, in addition to sound professional and technical qualifications, can offer leadership and managerial skills. SME in countries with school-based vocational training are also urgently in need of staff with educational qualifications and trainer qualifications to accomplish the training within the company, under the dual vocational training model. However, the master craftsman training varies widely among the Baltic Sea Region countries, showcasing varying levels of quality. The project is aimed to train company successors, entrepreneurs and managers in the Baltic Sea Region, based on a comparable high-level master qualification system. Another aim is to increase efficiency and competitiveness of SMEs, while promoting the realization of the dual vocational training. On the basis of the German master craftsman training and the experience of further Baltic Sea Region countries, a concept for a unified master training for the entire Baltic Sea Region will be developed. Field tests of the master’s education are planned in four Baltic Sea Region countries in order to gain experience with different regional / national conditions as well as to ensure high transfer and implementation success. The master training also includes an educational section, which entitles to vocational training in enterprises. Based on official examination regulations, master training is completed with a recognized qualification. The qualification program shall be included in the European Qualifications Framework (EQF) and evaluated in accordance with ECVET-based credit points so as to guarantee a cross-border transfer of acquired skills and the international recognition of the qualification. Target groups for the master training program: a) personnel employed in companies. b) unemployed persons with good qualification and experience, which strongly improve their chances on the labour market or persons who aspire self-employment. c) students and graduates who thereby receive a good chance to take on leadership roles in SMEs or to maintain or attain an outstanding preparation for self-employment Beneficiaries are also SMEs, thereby gaining the much needed leaders or company successors. In order to continuously attract qualified lecturers for the implementation of the master training, a training program for trainers will be developed and implemented, which will be offered at universities on a constant basis in the future. The target groups are teachers at chambers, other educational institutions, colleges / universities, who are specifically trained as instructors. All stakeholders involved will benefit from the master training. The project coordinated by the Hanse Parlament consists of 7 chambers, educational institutions, vocational schools and universities from Denmark, Germany, Latvia, Lithuania, Poland and Norway. The eight project partners develop, test, evaluate and implement the training measures. Also, 67 chambers of commerce, industry and crafts with their educational institutions, other funding agencies, colleges and universities from 50 regions of 13 countries are involved as associated partners. All project results will be published in a handbook and forwarded to the 67 associated partners, who in their turn, will be assisted with demand-oriented implementation counselling. The results will be presented and discussed in person at five workshops and three international conferences on consulting and knowledge transfer, thus attracting and including other stakeholders, from politics or from the management area. In turn, this may lead to integration of the master training in educational and economic policy, at local, regional and national level and may secure a very high sustainability level and sustainable use of the project results on a large scale.