The software will be built on top of Microsoft Office Sharepoint Server 2007 and will be offered as part of Microsoft's Enterprise Product Management (EPM) system.
The system is based on several components of the EPM platform, including unified communications software, enterprise content management, search and business intelligence.
Microsoft said that the software will allow businesses to better manage ideas and organise new proposals.
Potential innovations can be better managed, according to the software giant, and analysed in various areas as they are being put into place.
"Innovation is a team sport requiring close collaboration and the alignment of people, processes and infrastructure throughout an organisation," said Don Richardson, director of worldwide innovation management sales strategy at Microsoft.
"Ideation, knowledge capture, knowledge management, project management and portfolio management must all be synchronised through a formal process to ensure that projects yield success."
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