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This research aims to study an emerging concept, the “freedom-form company” or “liberated company,” according to how it fulfills one of its stated goals: to liberate creativity. More and more companies are adopting the freedom-form model, enticed by its claimed ability to simultaneously address many current issues: what new generations expect from companies, the complexity of their relationship with the environment and associated problems, employee engagement, innovation, and performance. The literature on freedom-form companies has so far mainly focused on broad descriptions, conceptual analyses, leadership style, and the history and novelty of the concept. Little such research aims to assess the promises its ambassadors make, especially in terms of creativity and innovation. This qualitative research takes a process-based approach to company “liberation” and collective creativity, and draws on a single case study methodology integrating ethnographic observations and semi-structured interviews. Our results show that, in the case studied, the liberation process and the situations, events, practices, and experiences it caused had contradictory effects on the creative process. They also highlight the influence of an individualistic conception of the F-form company concept and how to implement it.