I think you can combine both approaches - I think you should approach a university professor and ask them if you can "sponsor" a startup for class credit. This

I think you can combine both approaches - I think you should approach a university professor and ask them if you can "sponsor" a startup for class credit. This has a couple benefits - you can churn out a basic prototype, and live "the journey" as you want. You can work hands-on, directly with top students, and go through the learning process with them. You can learn from them, they can learn from you - it'll be more relaxed that starting a company from the get-go. This might also have practical advantages later on. If you decide to go for VC funding later on, you'll know both the software and hardware sides more intimately, and you may even get a higher valuation for having a legitimate product rather than a paper product. You may even be able to talk the professor into letting you audit a few classes that you might need. Maybe you'll even take classes with the students helping you!