MOVING NEW VENTURE NEW PRODUCT DEVELOPMENT FROM INFORMATION PUSH TO PULL USING WEB 2.0

With the rise of global competition, innovation through new ventures and products are seen as a vital part of industrialized nations' quest to sustain economic growth. An integral part of fostering continued innovation are improvements in the new product development and project management process - as research has shown that for new ventures these two areas are key factors for success. This rise of social networking, digital design tools, and virtual teams are setting the stage for a transformation in how products are developed. New product development has historically been a 'push system,' with individuals and teams transmitting information and waiting for feedback. We propose methods and tools that will leverage social networking and shift the paradigm of product development from a 'push' to a 'pull' system where communities can actively drive input to the project, rather than respond to active requests. This article proposes a collaborative Web 2.0 environment that will foster improved communication, design solutions, and innovation speed.