Just copy pasting from here.
"Step2 is a community that tries to bridge the gap between academia and industry. The idea behind Step2 is simple. We recognize the power latent in the student community as amongst the most potent forces in the world, and yet, amongst the most neglected and misdirected.
Step2 aims at channelizing this pool of talent towards targeted industrial strength projects. Each project has a dedicated mentor to provide guidance and direction to the student group working in the project for the entire duration of the projects. Mentors also publish articles and Do-It-Yourself's they believe will help students ramp themselves up for participation in different projects."
Step2 was thought of by my very good friend J. Something like this had been missing when we were students ourself. I hope it takes off because I have posted a lot of Praja requirements here ;). Also this has given me 24 hour access to a wannabe drupal expert. Its so much fun when we brainstorm on stuff and I end up teaching him things. Never thought I would be happy when something like this would happen! ( Am I turning into a geek? :-/)
Anyways do check out Step2.