This chapter focuses on one of the fundamental components of the innovation systems, which is the continuous training of skilled human capital which is able to understand and govern uncertainty, risks and opportunities of the innovative process, and to contribute to the economic development of a particular territory. It focuses on the nature of the two components which are at the base of the knowledge society: the territory and the knowledge. A detailed description of the Master's degree program in "Innovation Management for Local Development" organised by University of Milano-Bicocca is proposed as a model of best practice. The Master's degree program is a significant experience for the Brazilian context. This program aimed at giving students both theoretical tools and analytical capabilities to implement practices so that they could play key roles as promoters of local development. The chapter focuses on the importance of the links between the different actors on the territory to start innovative growth processes.