This study examines how the industry benefits from student-driven competitions through an in-depth case study of the World Solar Challenge (WSC). The study examines the contribution of student-driven competitions to the technological development of collaborating firms. Drawing concepts of knowledge and technology transfer, open innovation, absorptive capacity, and prior knowledge, this research explores both the nature of contributions and the mechanisms that enable them. A qualitative case study approach was utilized, and empirical data were gathered through semi-structured interviews considering the perspectives of student participants, alumni, industry, and event organizers. The findings show that student teams contribute to the industry through direct technical collaborations such as technology testing and development, as well as indirect, long-term impacts such as talent development, fostering entrepreneurship, and developing sustainable practices. The findings emphasize the potential of student-driven competitions as a complementary channel for traditional university-industry collaboration and suggest implementations for academia and industry actors to strengthen the process.