The purpose of this study is to explore different patterns of knowledge circulation between universities, public research organizations (PROs) and businesses in the EU27. To this end, a Knowledge circulation index was created based on funding flows (business funded R&D in higher education and government sectors), co-operation-based innovation indicators, bibliometric data and patent statistics. The results have confirmed a leading position for Finland, Netherlands, Denmark, Belgium, the UK and Slovenia, countries with a long tradition in knowledge transfer, but with a sustainable base for networks and links between all innovation actors. The paper advances some future paths to action, such as rising up SMEs’ profile in knowledge circulation, finding the best coordination matrix for already existent support network or finding solutions to reduce the strong dependence on public and EU funding.