[clayturk]

Not to sound negative, as I appreciate your situation, but you do realize that their are tens of thousands of people who do try and come up with startup ideas everyday; they call it work. I'm sorry, but I don't think you are going to get much here, especially just so you can skirt some classes. Best of luck though

[heyadayo]

I think you missed the point: The poster has a rare opportunity to work with five engineers to attempt to build a company, and he'll even get class credit. He could just fake it and do some dumb proposal, or he could take it seriously. Asking advice of domain experts (hahaha) sounds absolutely sensible.