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The present evaluation concerns a project under taken by Florida International University, Miami, USA; the Economics University of Varna, Bulgaria; the World Academy in Sofia, Bulgaria; the University of Utah, USA; and Westminster College, Utah. USA. The project was undertaken during the summers of 1999, 2000, 2002 and 2003. The project entailed the visit of students from four US academic institutions to Varna, Bulgaria and Sofia, Bulgaria for a period of four weeks, They were joined by students from the Bulgarian academic institutions under the supervision of professors from Bulgaria and the US. The program of the project consisted of lectures on entrepreneurship and small business management during the mornings were as the afternoons were dedicated to developing a business plan for actual businesses operating in the Varna and Sofia region. The findings and recommendations were presented at the end of the four week period to the participating parties.The evaluation was conducted through surveys by and interviews with the participating parties as well as an analysis by the participating professors in terms of the objectives set at the initiation of the project.