In 2012 at Carnegie Mellon, Luis von Ahn (reCAPTCHA, Duolingo) headed a similar type of startup class where students spend time creating their own startup. One of these startups, PayTango, made it into Y Combinator (W13).
I believe UT Austin has been doing this for a while in an official capacity, as an offered course for undergraduate students. I'm not sure of any major success stories from their program. Their program is called 1 Semester Startup.