The small elliptic quantum group e τ,γ (sl N) , introduced in the paper, is an elliptic dy-namical analogue of the universal enveloping algebra U (sl N). We define highest weight modules, Verma modules and contragradient modules over e τ,γ (sl N) , the dynamical Shapovalov form for e τ,γ (sl N) and the contravariant form for highest weight e τ,γ (sl N)-modules. We show that any finite-dimensional sl N-module and any Verma module over sl N can be lifted to the corresponding