Harvard Business Review released this in late 2014. It's a guided process to building an orderly, reliable system for innovation. It mainly focuses on companies, but could be used as inspiration for schools too I imagine.
They break it down in 30 day buckets:
Day 1 to 30: Define Your Innovation Buckets
"Strategically speaking, all innovations fall into one of two buckets," they say. One is innovations that extend today’s business by either enhancing offerings or improving operations. The other is innovations that generate new growth by reaching new markets.
Day 20 to 50: Zero In on a Few Strategic Opportunity Areas
"We suggest doing three weeks of research, with the aid of a handful of executives you expect will eventually be involved in your innovation efforts."
Day 20 to 70: Form a Small, Dedicated Team to Develop the Innovations
"There’s no need to recruit an army. Manila Water created a three-person team to explore the first two strategic areas it identified."
Day 45 to 90: Create a Mechanism to Shepherd Projects
"Begin by forming a group of senior leaders who, from then on, will have the autonomy to make decisions about starting, stopping, or redirecting new-growth innovation projects."
And then, scaling up.
Check this out for more detail: