A new collaborative capstone model is presented that consists of three synergistic elements: (1) a capstone course component; (2) a business component; and (3) an advanced technical course component geared towards enhancing the student capstone learning experience. The model was fully implemented at Bentley University in spring 2012 with collaboration among a software project management capstone course, a research and teaching hospital, and a mobile application development course. The capstone project was structured as a student team competition to create the best mobile wayfinding application for patients and employees of Massachusetts General Hospital's clinic and labs. The collaborative capstone teaching methods leading to the successful student team outcomes are presented along with success factors and lessons learned.