I don't think any colleges support financially, but there are a few business schools that I've heard of that provide and have an entire project on business simulation. A scenario is simulated and and students are asked to make individual or team decisions. I think this a very effective technique for a student to get a picture of what the real scenario would be like. It begins with creating the business model, establishing goals, market analysis and then actually running it.
But I haven't really seen any. So if someone could she some light on the subject an give us some intricate details on how they actually go about this process. I think it is done using some software. If you could point me to it.