Digital revolution has dramatically influenced modern job market that consequently has new requests to higher education. Universities look for ways to improve their partnership with companies so that not only respond to employers’ requirements but even try to be a step ahead foreseeing the competences highly needed in coming years. In this article we identified the main barriers to fruitful cooperation between universities and business in conditions of global digitalization. Using the case of Course on basic skills in project work for the 2nd year bachelor students of Peter the Great St. Petersburg Polytechnic University (SPbPU) we reviewed the role of project-based approach in overcoming these barriers. In frame of the Course business institutions are involved in project work with students. Annually more than 4,000 students of all specialties take the Course. We analyzed project-oriented Course of SPbPU in terms of organizational structure and managing the process, promotion among the companies and meeting their needs, students’ involvement and motivation, effect on students’ skills and teachers’ engagement. The article presents the analysis of data that was collected in 2018– 2021 and the results of survey carried out among students attending the Course. This data is systemized according to the aspects mentioned above. We found out that project-based approach in education is a rather promising instrument for designing fruitful interaction between university, students and companies. As one of detected challenges for practical based collaboration with companies we regard the involvement of teachers in cooperation with the companies.