The “Young Austrian Engineers Contest” (YAEC) is a prestigious competition that aims to promote technical education, particularly in design and product development, for students in Austria’s higher technical vocational colleges (HTLs). Since its beginning in 2010, the contest has highlighted the skills of students specializing in mechanical engineering and mechatronics, with substantial support from prominent industry partners. The competition enhances students’ technical, organizational, and social skills, preparing them for the increasingly competitive engineering job market. This paper presents an ongoing evaluation of the YAEC, surveying former participants to assess its impact on both their personal and professional development. The survey, conducted via Google Forms, focuses on the competencies gained through the competition, including professional, organizational, and social skills. Early results show that participants value the competition’s contribution to their technical expertise and teamwork capabilities. The study also explores the integration of emerging topics such as digitalization and sustainability into the competition, ensuring its alignment with industry trends. This paper highlights the importance of fostering both hard and soft skills in engineering education and presents recommendations for further adaptation of the YAEC to meet the evolving needs of students and the engineering industry.