The transition to Industry 5.0 has redefined the innovation requirements of organisations, emphasising sustainable, resilient and humancentred dimensions. The fifth industrial revolution also prioritises the co-creation of value within Collaborative Networks (CNs). By bringing together different socio-economic actors, organisations can leverage synergies to drive innovation and address complex global challenges more effectively. To operate efficiently within collaborative networks, a collaborative mindset, supported by specific technical and organisational resources, is essential. This study presents the findings of a European survey that investigated the innovation requirements of organizations transitioning towards Industry 5.0 and the resources necessary for collaborative 5.0 networks. The analysis showed that different regions and sectors have different needs, highlighting the necessity of tailoring approaches to each organisation's context. The results of the study emphasize the urgent requirement for multiple interventions to promote efficient collaboration and innovation in the transition to 5.0 organisations.