The need to integrate theory and practice in education is critical for applied disciplines such as business and engineering. Although internship and coop programs attempt to bridge the gap between conceptual and applied knowledge, they suffer from some limitations. In the field of information systems in particular, employers are seeking students who can successfully work at the confluence of business and technology. This paper describes a new model and program for applied undergraduate education that develops business technologists. The program uses projects as a key linking mechanism for helping students understand how to apply technology to solve business problems, and to be able to do them relatively independently over time. To gain insights into the success of the program, a model linking various salient antecedents to project outcomes is developed. A test of the model reveals that while the quantitative evidence is not conclusive, it does indicate that the program is achieving its objectives. Additional qualitative data on program outcomes is presented.