This paper presents a short overview of pioneering work on the 24/7 model of collaborative engineering and its practical applications in software development domain. The primary goal of the approach was to enable students, engineers and researchers to practice collaboration in virtual space. The secondary goal was to learn how to cooperatively manage and execute engineering projects more efficiently and on-time. The model relies on collaborative and consensus based agreements among geographically distributed institutions. These institutions agree to participate in cooperative and continuous (24/7) mode of operation where participating teams execute interdisciplinary tasks across different geographic, temporal and cultural zones. The interest in various collaborative models is steadily increasing. The idea has been adopted by many sectors of the industry, research and education, allowing for smart logistics and transportation, interdisciplinary product development, manufacturing design, global monitoring, international enterprise collaboration and many other applications. This paper explains the key concepts, the methodology, projects undertaken and tools developed during many years of collaboration between several prestigious educational institutions.