The aim of this paper is to analyze different strategies for protecting knowledge in interorganisational collaborative relationships, based on intellectual capital (IC) theory. Previous research has stressed the need for the flows between structural, human and relational capital to work properly, i.e. that the firm has a broad bandwidth of communication. Firms involved in interorganisational collaborative relationships need to be able to manage the IC flows in order to make the communication run smoothly, while limiting involuntary leakage of strategically important knowledge. The paper examines the strategies aimed at keeping the balance between sharing and protecting knowledge identified in a multinational firm with extensive experience of close collaboration with partners that are partly also competitors.