This study explores the dynamics that arise within multidisciplinary and multicultural teams working on real life cases and authentic problems and the effectiveness of such dynamics on the learning process of the Undergraduate Course 'Management of Innovation and Technology' at the University of Nicosia. For the purpose of this study, a mixed method approach has been used combining qualitative and quantitative analyses. The data has been elicited through online questionnaires and the lecturer's direct observation notes. The results of the study indicate that Multidisciplinary and Multicultural Knowledge Transfer and Sharing take place among peers coming from diverse disciplines and cultures. The paper highlights the significance of multidisciplinary and multicultural collaboration in teamworking using Case-based and Problem-based Learning activities. These types of activities expose the teams to complex real-life cases and authentic problems to solve, and equip students with knowledge and skills necessary to succeed in today's competitive global marketplace.