IMU was awarded a project funded by the PENED program ("Program for Empowering New Researchers") of the Greek General Secretariat for Research and Technology, which co-funds PhDs together with companies. The duration of the program is 3 years. The project is about research on competency modeling and management, using semantic web and ontologies. We aim to built a prototype system for competence management, which will be integrated with an e-learning system, thus enabling skill gap analysis and links of the missed skills with, as well as other funcionalities. The company who will co-fund the project is Microsoft Hellas. The project will be implemented in co-operation with FZI, the German research center on Information Technologies.