This book is a timely guide for Small and Medium Enterprise (SME) researchers, policy makers and strategists. SMEs are the most important sources of job creation and local development especially in knowledge-based economies. As turbulence in the globalized economies expands SMEs will have to learn to sustain competitiveness by developing their ‘dynamic capabilities’. Based on the findings of a 4-year European and Latin American research project, this book provides a theoretical framework, practical instruments and cases on how SMEs in diverse economic, social and cultural contexts can develop crisis resilience, increase agility, innovate and thus successfully compete in turbulent times.