I'm still undecided on whether to do an ICO(which is an option entirely due to lack of funds) and raise money for the project or to try and develop the project as an open source project entirely with the help of the community without doing an ICO.
There's another option (assuming that you don't have enough funds for bootstrapping right now): You could approach individual universities and other institutions and ask them to collaborate and/or sponsor you.
Edited: See here for inspiration -
https://www.coindesk.com/china-universities-plan-blockchain-dao-for-affordable-education/.
Yes, I'm unable to push forward this idea due to lack of funds as of now. Thank you for offering a good alternative measure. Even though I'm not entirely sure if universities would like to collaborate or sponsor the project without a working product first.