Purpose – Research on the dynamics of Collaborative Enterprises Networks (CEN) lacks consistency and industrial feedback. The purpose of this paper is to present insights and lessons learned from an industrial case study dealing with the practical experience gathered during the creation, alliance development, and business operation phases of a CEN. Design/methodology/approach – The proposed research methodology relies on qualitative approach, using unstructured interviews with the main decision makers in the network. The objective of the interviews is to highlight the most important events in the lifecycle of the network. From the important elements discussed, success and failure key factors are identified. Findings – Through the case study, the authors identify the main success and failure key factors to consider in CENs. Furthermore, relying on the current state of the art, they highlight the main research directions, particularly with respect to the development of modelling approaches capturing the dynamics of these systems. Originality/value – The identification of the success and failure key factors and their corresponding technologies, systems and human perspectives is aimed at providing links between theoretical models and practical implications to both academics and industrialists. The challenges and developmental areas proposed provide the basis for new models capturing the dynamics and the evolution of CENs.