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Re:The Next Microsoft by cdcarter on Tuesday July 03, 2012 @11:40PM (#4197474)
It's, in fact, fairly common. Some companies even go so far as to ally with the AAF and other organizations for national competitions.
Re:The Next Microsoft by mturmon on Friday July 06, 2012 @12:39AM (#4206330)
Here's some example student projects from a leading design school:

http://www.artcenter.edu/accd/gallery.jsp

Refresh a couple times to see more. Many are commercial, and some of those are for established brands.