There's one other approach you might consider: take on a partner. You sound like a technical guy, and seem not to know the world of business. So stick to that. Let you partner provide the $250K cash and handle the business side of things: the bookkeeping and taxes, worker's comp, payroll, paying vendors, property and liability insurance, ADA certification, negotiation of the rental agreement, drafting the association documents (LLC or Corp), benefits, hiring, financial controls and the like. You would handle the day-to-day things, including the hardware you describe. Split the company 50% for each.
This would limit you upside gain, but it would also limit your risk drastically -- it is his money at risk. You also could stick to what you like and have someone capable handle the details. If you've not done it before, you really have no idea how much work this all is. It is critical to get the right people -- lawyers, bookkeepers, CPAs and the like -- and without experience in the local community it often is hard to find the right ones.
You've never said where you live, but there has to be a good transactions attorney in your area. Look for ones who have done buy-outs or acquisitions, equity placements, licensing, financing or some combination thereof (like a small local version of Wilson Sonsini). They usually know who the local investors are, and can help you identify them. And your area simply has to have one. I live in the country outside of a town of 12,000, and there is one here who is very capable and who has the right background and connections. The people at the University you mentioned might have some suggestions too, but in my experience most Universities have no clue about the sort of thing you describe unless they are an established center for entrepreneurs like Stanford or MIT.
If it works -- great! -- sell it in four or five years, make some money, and move on to the next idea. (Or bring in a venture round of some millions to do the geographical expansion.) You will have learned an incredible amount, and you may be able to go for a straight equity investment the next time around, handling the business side of things yourself. You will have other ideas, and with a track record raising money the second time round will be a lot easier.
You won't get anything if the idea does not get off the ground. And remember the goal is for everyone involved (and not just you) to get rich