Definitely start by getting students to love it first, then sell something to the university. Universities take a long time to make decisions, and they don't have a budget item for "help students find parties to go to". But as Facebook showed, the right thing can spread through a campus in a couple weeks.

There have been a lot of failures in this space. The big problem is getting quality listings. It's a fair bit of work for event organizers to post their event on multiple platforms, and they're probably already posting on Facebook and a campus mailing list, so it's a hard battle to make them list on yours too. And if you don't have most of the listings, users will just check Facebook instead of you.