I used separate application pools using different accounts. When I followed content in my own personal sites the Following of Content worked, but kept on getting an error when Following Content in the collaboration site. I was unable to find any related errors in the ULS.
Could not find a conclusive answer after googling, but it seemed to be db permission related.
Solution
In SQL I added the application pool account that was being used by the collaboration site to the MySite content db and gave it SPDataAccess permission.