The ExtremeFactories project proposes the conception of a collaborative internet-based platform with semantic capabilities (by means of ontology modeling) that implements a new methodology for the adoption of a systematic innovation process in globally acting networked SMEs. The platform will support SMEs to manage and implement the complex innovation processes arisen in a networked environment, taking into account their internal and external links, by enabling an open multi-agent focused innovation (i.e. a customer/provider/supplier/employee focused innovation). The solution will be specifically focused on the needs of manufacturing companies and will observe both product and process innovation.The construction of the ExtremeFactories methodology will be based on individual practices found in traditional innovation management methods, such as TRIZ, combined with a selected group of practices obtained from different Agile Methodologies (such as Extreme Programming, SCRUM and others). (The project gets its name from the ExtremeProgramming methodology).The platform will be built upon a service oriented architecture, implementing semantic functionalities. This platform will provide the SMEs with services to support them in any step of the innovation life-cycle (problem detection, inception of ideas, priorization of ideas, implementation and follow-up).The project has a strong industrial basis, putting together the efforts of 7 industrial manufacturing SMEs in the way to become virtual networked organizations by the way they handle their relationships to third parties, such as customers, suppliers, distributors, etc. This big effort will result in a methodology and platform that will be validated and assessed in predefined business scenarios at these organizations.The project proposes a solid dissemination plan, offering a community management activity in order to get a wider target, as well as a first version of an exploitation plan to be further detailed.