A New Kind of College

I was thinking if we could have an undergraduate college in India with 50 students intake each year. The set-up is like this, students are asked to decide their course content themselves. Similarly, they would also be asked to decide as to what should be the bare minimum, that they should know to get the passing degree.
It's not a new concept, i guess already being used in some B-school abroad. It would produce some of the candidates of very high potential, with many entrepreneurs, leaders and more than that fellows at LEAST learning what they wish to learn. I guess, 50 outgoing students of this kind, are worth changing the country in a period of 10 years.