The Knowledge Network is a centre for lifelong learning, higher education, research and innovation. The institution operates as a non-profit organisation, funded by its own income and operating agreements with the government. The focus of all areas of activity is on providing regional services to businesses and individuals within the extensive service area of the North-East counties of Iceland.

The Knowledge Network is a unified umbrella organisation that operates various units under a single registration number, which elsewhere in the country are run independently. The organisation runs a centre for continuing education, a knowledge centre that provides research and higher education services, an entrepreneurship centre, and a FabLab workshop. In all cases, the organisation is an active participant in the national collaboration of these units.  

The first seeds of the Knowledge Network's activities were sown in 1999 with the establishment of a centre for lifelong learning, named the Education Centre of Þingeyjar. Research and higher education services began in 2003 with the establishment of the Thingeyjar Knowledge Centre, but these units were merged shortly afterwards under the name of the Knowledge Network.  

The Knowledge Network has been a leader in forming collaborations between institutions, businesses and individuals to create workplace clusters in areas of expertise. The organisation led the formation of the STÉTTIN workplace cluster in Húsavík and played an active role in the formation of KISTUNN in Þórshöfn and GÍGS in Mývatnssveit.