Collaboration between university and industry has brought societal and educational benefits by promoting research and innovation, providing industry training, and promoting access to resources and technology for both academia and industry. University, industry, and government collaboration known as the triple helix was proposed in the 1990s. However, industry and university collaboration has had a long history with best practices being updated as we learn more about specific fields, needs of collaborators, and advances in research and technology.\r\n\r\nThis case study aims to find the best practices for collaboration between education and industry in a project- based educational program known as Professional Practice for students studying in the field of information technology. During this four-week program, students worked on assignments formulated by the participating companies. They were guided by company-assigned supervisors, who were interviewed before and after the program. The students too were asked to fill out surveys before and after the program. From the analyses of the results of the interviews and surveys, several recommendations and ways to improve collaboration between education and industry are presented.