Purpose: The purpose of this paper is to provide a framework to understand and reflect upon issues, which can help in producing better industry-ready students graduating from business schools. Design/methodology/approach: The paper examines research conducted in the area of knowledge management (KM) and proposes a conceptual framework that can be used by academic institutions to engage students and prepare them for industry needs so that they are better industry-ready graduates. A case study based approach has been adopted in this study. Findings: In line with the literature-based analysis, a framework for better industry ready students has been proposed, illustrating the linkage between KM, learning from organization-based projects, industry feedback and inputs from international accreditation bodies in higher education. Originality/value: This paper has provided a comprehensive framework that contributes to the understanding and refining the academic processes in a business school setting with the help of learning from academic KM process. Such a framework has not been previously developed by previous researchers.