In the growing body of business network literature the need of phenomenological perspective is increasingly perceived. In this paper the results of an empiric research on the Enterprise Network Agreement (ENA) is reported. ENA is an important form of collaboration among companies, born in Italy, whose diffusion is rapidly growing, because it is considered by policy-makers a promising mean for the entrepreneurial development and the re-industrialization of the Country. Based on a survey addressed to a significant sample of ENAs formalized in central Italy regions, the paper draws a phenomenological framework on the strategic context of network formation and its organizational features on one side, and the performances obtained on the other side. This empiric evidences may represent a first attempt to build a solid base for the development of a credible scientific literature on business networking. From a theoretical point of view, this study firstly provides interesting insights to the living discussion in the managerial literature about “engineered” and “emergent” networks. Secondly, a specific focus is devoted to analyze those types of network in which ICT sector is involved and that are distributed in at least at two provinces, that is the kind of networks which is candidate to became what in the literature can be included in ‘second generation Virtual Breeding Environment’. In particular, the study aims to understand the characteristics of these different collaboration forms, and of how these characteristics influence their performances. At the same time, the research can serve as a useful indication for policy-makers to address supporting actions towards the most promising network collaborations.