The students say it provides them with an educational experience they couldn't get elsewhere.
Critics say that it undermines the educational mission of the university.
While there is no argument that college is too darn expensive, the idea that the captains of academia are sitting there getting rich is ridiculous. This is an organic process, with input from the teacher, other students, or the janitor who completes the leftover chalkboard equations. Once polished, the school calls in a few VCs, who then invest in the company and get it started. Pretty soon, the student is running the company. The teacher certainly supplied some input.