It has long been acknowledged that effective learning is grounded on opportunities to explore problems and think critically, thus creating solid base for knowledge economy development. In this vein, there have been concentrated reform initiatives across many content areas that have integrated authentic and student-driven instructional approaches. Within the context of the 21st century education paradigm, the acquisition and development of new competencies and technical skills require new authentic learning methods. The growing popularity of the project-based learning paradigm, is related to extended opportunities in terms of knowledge attainment, facilitating the acquisition of several transversal competences such as team work, search and collection of information and synthesis and analysis abilities. However, PBL learning strategies should be developed in compliance with the educational challenges faced by the new technique's implementation. In the light of this reasoning, this paper presents a literature review on PBL and discusses PBL's implementation opportunities and challenges faced by academic staff, business representatives and students. A key point is to highlight the concept of networking among teachers, students and the business sector.