Whilst I acknowledge your idea of targeting students to hire as your graphic designer, due to your back story uncovering new talent, since this is a new start-up business, would it not be best to hire an experienced graphic designer to ensure everything goes smoothly. You don't get a second chance of a first impression, and while some students have great potential, most still have a long way to go and a lot to learn and experience, in order to make that transition from a creative student producing nice designs to a professional designer producing real life work at a professional standard.
Don't get me wrong i'm all for giving students the best of opportunities, but it is quite a risk for a new business, you would be better off hiring students at a later stage once you are up and running and becoming established. There is only so much a competition can tell you about an individual, while a body of work of real life projects from an experienced designer or an established design agency speaks wonders.