Based on my conversations with other CMU alumni, I think there is a collective feeling that CMU students need to be encouraged to take risks, not the other way around. Fundraising campaigns like "Inspiring Innovation" and press releases with headlines like "Greenlighting Startups" are wonderful, but there's too much of a campus culture focusing on just doing whatever it takes to "get a good job."
Personally, I feel that it's the one place where CMU stays true to its roots: It was founded by Andrew Carnegie in 1900 as the Carnegie Technical Schools, and till date remains best at doing just that: being a technical school. That's why companies love to come to CMU to recruit: CMU students make great employees. CMU's doing exceptionally well given its relative youth, but I fear that if it keeps trying to be what MIT and Stanford were 10 years ago, it'll always be playing catch-up. As a university it needs to take a risk - a leap of faith.
On the bright side, having been in the Bay Area I've seen an increased percentage of CMU alumni come here and realize that taking risks isn't so bad, and then leave their nice job at Twitter/Facebook/Google/LinkedIn to go for it. It just takes exposure to the right environment for them to realize it. Hopefully as more and more CMU alumni are exposed to (and involved with) startups, they'll help bring awareness to CMU as a whole - I know I'm going to try my best.
Side note: In pg's essay, "How To Be Silicon Valley" (http://www.paulgraham.com/siliconvalley.html), he says: "The university is just the seed. It has to be planted in the right soil, or it won't germinate. Plant it in the wrong place, and you just create Carnegie-Mellon."