Your phrase "Faculty and students of OSUIT will meet with the entrepreneurs/inventors to discuss needs and will engage in real, hands-on projects to produce the prototypes and limited runs." is the central innovation as I see it. My next question is how will you attract these entrepreneurs and innovators? Does the educational platform need to be in a bricks and mortars school or can you also do it online?
Also, for a budding entrepreneur such as myself who wants to create an online educational social business roleplaying vehicle possibly incorporating roleplaying platforms such as "https://roll20.net/" or "https://discordapp.com/" could your program assist someone like me?
This is a great Idea I see a trend here. I began look through the ideas to find this trend. such as Ryan's Product-Based Education (https://challenges.openideo.com/challenge/future-of-highered/ideas/assignments/mission-meet-the-market1) Joel's Global Leadership academy (https://challenges.openideo.com/challenge/future-of-highered/ideas/don-t-teach-subjects-teach-skills) which is a great support for your idea. France's "Making Industry Challenges Apart of the Curriculum (https://challenges.openideo.com/challenge/future-of-highered/ideas/make-industry-challenges-part-of-the-curriculum) and mine Holacracy-Powered Social Business RPG (https://challenges.openideo.com/challenge/future-of-highered/ideas/holacracy-powered-project-based-roleplay-learning)
This is only scratching the tip of the iceberg. Basically, it seems to be that what is needed is a project-based learning model for post-secondary education and your idea of focusing on solving problems encapsulates that idea nicely.