Rural areas are regaining attention as key resource holders. This includes the attractiveness of intact and traditional cultural elements and heritage which helps to create new opportunities. However, renewal is needed for rural areas to be competitive beyond tourism. Knowledge exchange and transfer is seen as an enabling tool for regeneration and heritage valorization, although it has mostly been applied in an urban context. The aim of this paper is to explore the role of capacity building and knowledge exchange at different levels in promoting rural regeneration through heritage-led initiatives. The article describes a multi-directional knowledge transfer and exchange in 19 rural areas. The applied knowledge exchange methodology was designed to be a dynamic and vibrant exchange of capacity building and mutual learning. This exchange of knowledge enabled the local communities involved to explore new ideas and viable solutions for the regeneration of rural areas through the valorization of cultural and natural heritage. The research findings show that structuring a knowledge transfer and capacity building process that also involves key local stakeholders and the rural communities is an important milestone in the regeneration process. In addition, it can be a unique opportunity to start and build new professional long-term relationships.