Having identified needs and problems in the Serbian society, and having formed a competent consortium for demonstration of knowledge triangle power in modern European society we have proposed the wider objectives of our project as:- to straighten the role of Universities in the Serbian society by using University capacities in economydevelopment,- to improve synergy between research, education and innovation in Serbia, and- to enhance the quality of organization in research, education and innovation.To realize wider objectives, the following specific objectives were set:- to gather all relevant stakeholders in research, education and innovation in Serbia- to establish national platform for knowledge triangle- to rise awareness on knowledge triangle importance- to develop links between policy-making bodies, higher education, research institutions and companies- to develop organizational structure for knowledge transfer at the main Serbian UniversitiesThe KNOWTS consortium is composed of 13 partners from 6 different countries. Consortium members from Serbia are four biggest universities from the main centres of Serbia (Nis, Belgrade, Novi Sad and Kragujevac), but also institutions that will, together with participating universities, ensure full competence for the undertaken activities at national level (National Council for Higher Education, Serbian Economy Chamber, Ministry of Science and technology Development, Ministry of Telecommunications and Information Society). Participating universities from EU countries (Germany, Austria, Spain, Portugal and UK) have offered their expertise, based on experience in knowledge transfer area in their countries and in their own institutions. Their main contribution will be in terms of promoting their best practice, providing retraining for Serbian professors, researchers and Knowledge transfer center staff, participating in joint review of the material prepared at Serbian universities, quality control of Knowledge transfer centers and project management. All institutions involved in the project have competences resulting from their participation in various national and international projects