Manufacturing is shifting towards digitalization supported by innovative Information and Communication Technologies such as Cloud Computing, Internet of Things, Augmented and Virtual Reality, Big Data and Analytics under the Industry 4.0 framework. Therefore, there is an emerging need for advanced life-long training of the skilled workforce. Furthermore, smart education, a concept that enables learners to be trained in a more flexible and personalized way with digital tools, has gained increased interest. To that end, Education 4.0 and Smart Learning ecosystems have to be applied to develop the skills and competencies for the workers of the new era, the Knowledge Workers. Towards that, this paper presents the Smart and Learning Model and a four-tier conceptual framework. The proposed framework for personalized learning and education methods for Small and Medium Enterprises (SMEs) in manufacturing industry, is presented under the Teaching Factory Concept. On that basis the paper will define and discuss implementation aspects of the Smart Learning concept, the specification of the Teaching Factory learning network and the FUTURE 4.0 software platform facilitating the Teaching Factory operations between academia and industry.