This would be similar to internships in research labs (for the academically inclined) or startups (for product inclined). This is not at all similar to an internship at a traditional company, where you're given some kind of a bullshit problem that no one else wants to touch. Doing research or building a product (or, preferably, a mix of both) should be central part of the curriculum, not an afterthought which you might or might not pursue.