1. A method for automatically assisted generation of composite applications which are composed of instantiable components comprising the steps of: a) dynamically accessing a data source comprising one or more components being potentially suitable for being used within a composite application, b) parsing said data source to identify the one or more components matching a predetermined functionality specification standard, c) ranking the identified one or more components according to predetermined ranking criteria, d) defining a list of selected usable components from said ranking, e) storing at least a subset of said selected usable components locally, f) automatically deploying said composite application from said selected usable components; g) monitoring the selected usable components for updates to ones of the selected usable components used for an instantiation of the composite application; h) upon discovering an update for one of the ones of the selected usable components used for the instantiation of the composite application, checking to determine whether requirements of the one comply with requirements of the composite application; and, i) upon determining that the requirements of the one comply with the requirements of the composite application, automatically binding the update for the one into the composite application.