Purpose: The development of teaching methods in the field of entrepreneurship education is a challenge for academics to achieve "real active learning." This paper aims to investigate the effectiveness of learning experience through internship program at start-ups. This paper examines the benefits and challenges from stakeholders' experiences and perspectives (business students, start-ups and universities). The authors focus on the entrepreneurial values obtained by exploring start-up processes, culture and work environments. Design/methodology/approach: This study uses qualitative research with a case study approach by applying experiential learning. The objects of this research are students of the School of Business and Management and start-ups in Indonesia. This study divides the pilot program of internship at start-ups into three stages, designing process, execution and evaluation. The analysis technique uses an interpretive approach from interviews and observations of internships based on experiential learning. Findings: The results showed that the internship program at start-ups in this study has benefits for all major stakeholders, especially students. The results of student learning experiences show that start-ups' characteristics such as a creative work environment, egalitarian work culture and dynamic workflow flexibility can increase their professional and moral values. Research limitations/implications: This study has several limitations, including the internship program designed in this study, which is still raw and has several shortcomings. Time series in testing experiential learning is another limitation. For further study, it is necessary to conduct longitudinal research to measure the effectiveness of the start-ups' internship program. Originality/value: This study provides new insights on experiential learning in developing an internship program at a start-up as an effort to increase entrepreneurial value for business students. This study highlights the possibility that an internship program at a start-up will have an impact on students' entrepreneurial values and competencies.