Learning through industry collaborations is critical in decreasing the gap between the real world and the academic environment. Working on challenges drawn from industry can increase students' knowledge and future employability, thus enhancing labor force preparation. This study explored students' perceptions (n = 110) of the benefits and challenges of working with industry projects as part of a and problem-solving course. As a result of the industry collaboration, students reported more meaning to their learning experiences, deeper relevance to their future career paths, and increased motivation to deliver quality outcomes for industry and their class instructors. The challenges included pressure to impress industry representatives and the complexity of real-world problems.