Modern manufacturing enterprises must be agile to cope with sudden demand changes arising from increased global competition, geopolitical factors, and unforeseen circumstances such as the Covid-19 pandemic. Small- and Medium-Sized Enterprises (SMEs) in the manufacturing sector lack agility due to lower penetration of Information Technology (IT) and Operational Technology (OT), the inability to employ highly skilled human capital, and the absence of a formal innovation ecosystem for new products or solutions. In recent years, Cloud-based Design and Manufacturing (CBDM) has emerged as an enabler for product realization by integrating various service-based models. However, the existing framework does not thoroughly support the innovation ecosystem from concept to product realization by formally addressing economic challenges and human skillset requirements. The present work considers the augmentation of the Design-as-a-Service (DaaS) model into the existing CBDM framework for enabling systematic product innovations. The DaaS model proposes to connect skilled human resources with enterprises interested in transforming an idea into a product or solution through the CBDM framework. The model presents an approach for integrating human resources with various CBDM elements and end-users through a service-based model. The challenges associated with successfully implementing the proposed model are also discussed. It is established that the DaaS has the potential for rapid and economical product discovery and can be readily accessible to SMEs or independent individuals.