I would begin by visiting the company. In my town of ten thousand it would be very easy to locate an Information Technology company. Since my town is small we do have a lot of support from the community. So, I would expect that this company would share in that support.
Once I had visited the company, I would check to ensure that students would have access to the necessary equipment to further education. I would also want to be sure that the management would be willing to take on the role of educator and trainer. I believe that if I can get them to see the value of creating their own potential pool of employees they would be willing to get involved.
In my situation, if a co-operative education program was necessary, I could not afford to be too picky about the company. Yes, I would make sure that the students would be safe, receive valuable experience, and have the opportunity to apply their classroom knowledge to the work site. I would have to work very closely with the company to help them provide experiences that would be meaningful to the students.
In this day and age of increasing accountability, and increasing standard requirements, I do not see how I would have the time to even attempt to create such a program. If this was I all I to do every day then I could see this becoming a strong program.