To develop and to manufacture highly innovative, knowledge-intensive products, processes and services, small and medium-sized enterprises (SMEs) often rely on the help of partners to be able to apply new technologies, to open up market opportunities or to extend production capabilities. Therefore, collaboration in dynamic networks has become a major success factor for SMEs. However, in many cases, companies are lacking the appropriate resources and capabilities to effectively and efficiently coordinate such collaborative activities. This paper presents a set of adaptable and easy-to-use methods and tools that support SMEs in building up, operating and terminating knowledge-driven, ICT-enabled and organizationally embedded collaboration in Smart Networks. The effectiveness will be illustrated with examples from three SME networks in different industry sectors that have applied these methods and tools in their industrial practice.