2. Are those projects more fun than other jobs?
3. Subvert the whole system: Create a project-making company. Keep good records. Refer your employees to employers, on the basis of their solid project portfolios. Basically, project-making companies thus displace the universities as the place where real learning happens and is proven.
4. Thank you to all the Indians posting here today. I feel like I am reading hackernews.in, and it's nice to get a vacation from Silicon Valley :-)