The paper at hand presents findings of a survey- and case study based investigation of using innovative Web2.0 technologies in the software development process of global companies. While the empirical study shows that adoption rates are already quite high, the satisfaction with using Web2.0 technologies and the resulting success highly depend on the adoption speed as well as on the mastery of special operating capabilities within the local IT and product development departments. In addition to these quantitative and survey-based findings, 3 case examples shed light on specific application scenarios of Web2.0 applications in different industries. Besides the exemplary illustration of where these innovative web technologies can support global software development processes, economic and strategic benefits of introducing them are highlighted.