Universities (to my knowledge all of them) have clauses that any IP generated by a student relevant to the course they study, the University owns a percentage of. It however in my limited (to my country) experience Universities rely on said students to invent something by their own motivation and report it for patenting.
My belief is that when students are supported and motivated from their first year of study to think of ideas that solve issues facing them at home on a daily bases the University will produce patents at a high rate. Logistically its not as simple but it is possible.
Another angle to the situation is that assignments are academic not actual real world challenges. If by some manner Universities and the industry could work together. The University will be financially compensated for the supervising specialist, the students will work on real world issues and the company would get a specialist plus a team looking into its issue for reduced rates.
Ultimately being my own worst critique my suggestions are both designed for a perfect world.
With the world pushing for free education but education requiring specialists. My belief is the most easy and possible answer is research and innovation. Then the question can be asked if a university should be a research Institute primarily and a place of learning secondary?