Traditional schooling is so 2003. Prospective college students, discouraged by a stagnant job market and lured by massive start-up success stories from the dot-com industry, want more than a solid degree from their universities. They want help to translate big, out-of-the-box ideas into big profits—and big business—and many prestigious institutions are trying to respond.

Harvard University opened what it called an Innovation Lab in 2011, which has helped spawn more than 75 businesses. Not to be outdone, New York University created its own entrepreneurs lab, and Northwestern University has developed its own on-campus innovation effort called the Garage.

“Today’s students are hungry to make an impact, and we have to be responsible,” says Gordon Jones, who directed Harvard’s Innovation Lab. (New York Times)