The globalization of market is progressing steadily as barriers to the free flow of goods, services, and capital declined since the end of World War II. This trend results in substantial increase in foreign competitions, consequently it increases the needs for new ventures to better differentiate by other basis than cost and quality. The thesis at hand used a constructive methodology to design an improved entrepreneurial framework. The core contribution of the research is the conceptual development through real-world application of the project space model, an element of the Innovation
Engine described by Bailetti (2013). The research also tries to provide answers to the following research questions: i) is the innovation engine model suitable for a web-based new ventures, ii) how can the project community component of the innovation engine be adopted by new ventures, iii) what processes new ventures can used to better cope with opportunity discovery?