Fostering ‘experiential learning’ in real-life situations is a critical task for engineering educators when creating constructively aligned learning activities. The paper proposes an approach to measure the students’ perception of learning in Conceive-Design-Implement-Operate activities conducted outside the classroom. The approach is based on the opportunity of gathering and analyzing lessons learned from the student reflection reports at the end of a team-based innovation project performed in collaboration with company partners. The approach is intended to provide a basis for the future development of innovation projects with engineering students, supporting the definition of learning outcomes that are relevant for the CDIO Syllabus 2.0, and of constructively aligned learning experiences. The paper exemplifies the approach with regards to a master course named Value Innovation and presents the findings obtained at the third and second level of the CDIO Syllabus 2.0. The results of the course implementation show how short team-based innovation projects largely contributed in developing social and communication-related skills in engineering students, going beyond the mere application of their technical skills.