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This paper presents and discusses an experiential learning‐based team‐based assignment, which makes extensive use of information and communication technology available in Blackboard. Student teams, composed of mature, post‐experience graduate students in a knowledge management class, were asked to perform a task requiring creativity and then to reflect on their individual and team experiences. Subjects were required to think about applying what they had learned to “real life” organizational settings. The results show that students find significant value in experiential learning processes. The findings also suggest students are able to apply knowledge management theories, which were taught in class lectures, to their team experiences and, further, to take the total learning experience combining theory and practice and usefully apply it to their work. Implications for experiential learning in the classroom and distance education are discussed.