The growth of globalization has led to a need for collaboration. Product Lifecycle Management (PLM) tools are being used by large companies in many sectors, from defense to aerospace to motorsports to facilitate this global collaboration. However, these tools are often costly and complicated. Identifying the core elements of an effective PLM tool and how they might be applied in a more affordable and simple manner for smaller businesses is an area of particular interest. There may be several solutions that work for different businesses, so investigating collaboration in many forms will be key. This means looking at non-traditional methods, such as open source hardware design and open innovation networks.