The Victorian-government-backed Australian Industry InnovationXchange Network plans to pilot the service, called Bridge, over the next 12 months.
Chief executive of InnovationXchange, Grant Kearney, said the system will allow businesses to work together "across traditional corporate boundaries".
According to InnovationXchange, the network will allow companies to share research and insights through intermediaries.
"Using a sophisticated new approach to business development and innovation management, Bridge consultants help firms connect with new strategic partners and rapidly structure cross-organisational engagements that are more likely to succeed," said Kearney.
Prarticipants in the pilot include IBM, University of New South Wales, Acrux Ltd, Amrad Corporation Ltd, Biota Holdings Ltd, Cytopia Pty Ltd, and its being led by a former IBM Extreme Blue Lab Director, John Wolpert.
-I have been working on the concepts of open and intermediated innovation for several years so was delighted to take the opportunity to trial these ideas in Australia with the InnovationXchange Network," he said.
According to Kearney, participants were chosen based on their research capabilities, and "willingness to engage in new things".
InnovationXchange said the participating companies will be able to share billions of dollars in research regarding life sciences and health issues, which, they say, can't be accessed by any other means.
"We have chosen life sciences and health to pilot the Bridge service because of Australia's world-renowned biotech capabilities and high priority of this sector on the national research agenda," said Kearney.
The pilot is jointly funded by the participating companies and the Victorian Government.