I have a cardiologist friend who is interested in developing a "hackathon" at a university business school. He works at the same "Ivy League" institution. What is the standard for IP for these events? What's the best way to get prize funding sponsorship? My role will be as a judge. My friend however may want to start a startup and discover a cofounder here.
Start by organizing a Startup Weekend event. It is more like the franchise model, and they will provide lots of support for you, collateral, etc.
The second time you can spin off into your own thing once you have the experience.