This paper describes an innovation platform and focuses on a novel approach aiming to develop a robust and flexible Central Knowledge Repository (CKR) for collecting and managing innovation knowledge, from all the members of extended enterprise for new and existing product and process developments, within the platform. The proposed repository with help of external innovation tools and services will support the further development of the captured ideas and knowledge, and foster the industrial innovation. The main objective of the CKR is to stimulate the generation of innovative ideas for new and existing product/process improvement, solving company's problems by re-using the past experiences, and sow the spirit of learning organization in their DNA. In the paper an overview of the Central Knowledge Repository (CKR) is presented. It will, in addition, discuss the research methods used in gathering requirements for CKR. The paper has applied a mixed research methodology and presents the research issues and CRK requirements from the seven manufacturing SMEs. References are made to the Ideal Repository which serves to promote good ideas in the SMEs using the CKR. The overall view of the innovation platform is presented.