Extending the student visa for starting a company is possible?

I've previously moaned about the Startup Visa, which seemed like the only thing that might prevent me from getting booted out of the country at the end of the MBA program. The lack of mention of the visa in the Government's recent Startup America announcement did not go unnoticed.

Well, it seems like I can get an extension to my current F1 student visa in the same way other students get visas for regular jobs - through the Optional Practical Training (OPT), which comes as part of an international student's existing F1 visa. The OPT provides a 12 month visa extension beyond the end of the MBA program.

The International Student advisor here at Kellogg points me the OPT policy guide, in particular section 7.2 pages 17 & 18:
What types of employment are allowed for regular pre- and postcompletion OPT? 
All OPT employment, including post-completion OPT, must be in a job that is related to the student’s degree program. 
For students who are not on a 17-month extension, this employment may include: 
Self-employed business owner. A student on OPT may start a business and be self-employed. The student must be able to prove that he or she has the proper business licenses and is actively engaged in a business related to the student’s degree program.
Can it really be this straight-forward? I guess we'll find out over the coming month, as I put my application in.

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