Technological innovations provide an opportunity to improve product performance and reduce cost. Therefore, design organizations are interested in monitoring technological innovations. A large number of innovations are announced every year. Monitoring them manually is very time consuming. We are developing web-based innovation-alert services that can be used to monitor and communicate information about innovations relevant to a particular product design. In this paper, we discuss the required infrastructure, relevant design issues, and our approach to developing web-based innovation alert services to support product design evolution. We also describe a prototype innovation monitoring service for computer components and an interactive tool to transform semi-structured web contents into semantic representations in XML.