In this paper, we posit experiential learning projects in business as a valuable alternative to internships to meet the new AACSB standards for accreditation. While internships have traditionally been used as the main method to provide hands-on learning experiences for students in business schools, their effective implementation imposes stringent demands on faculty, curriculum, and program resources. The pedagogical and administrative benefits of experiential learning projects (ELP) are analyzed using the Kolb model and the literature on learning. We illustrate the versatility of the ELP learning tool by describing two very different applications currently in use at a small private university and advance guidelines for the effective implementation and assessment of experiential learning projects in business curricula.