The 43 undergraduates starting this year were amongst 950 who applied to the Dyson Institute, making it one of the most competitive higher education providers in the UK with 22 applications for each place.
40 per cent of this year's intake is female, significantly higher than the average 15.1 per cent of females on UK undergraduate courses.
Taught in specially designed teaching labs at Dyson's Malmesbury campus, the current undergraduate engineers are working towards a bachelor degree in general engineering awarded by The University of Warwick.
The course covers the fundamentals of engineering in years one and two, and delivers more specific electronics and mechanical engineering content in years three and four. At the same time they work in Dyson's Global Engineering Team on real projects, three days a week.
Undergraduates develop real products from day one, pay no tuition fees, and receive a starting salary of £16,000 per annum.
James Dyson, said: "I am thrilled to be welcoming these bright young people to The Dyson institute. They are opting for something new and exciting - I am looking forward to seeing what exceptional things they achieve over the enxt four years.
"Our second cohort of Dyson undergraduates is nearly half female which is good news given that engineering has traditionally attracted so few women.
"Alongside the challenging demands of their degree studies they will quickly be contributing to the next generation of Dyson products which will be used all around the world.
"They trust us with their education and in return they will learn from some of the best engineers in the world develop real products from day one, earn a salary and pay no tuition fees. The first cohort of Dyson undergraduates has shown the incredible value of this new approach. they are proof of what is possible when you give young people real responsibility."
Chairman of the education select committee, MP Robert Halfon, said: "The Dyson Institute of Engineering and Technology is the future - it's how all universities should be run. They really are ground-breaking and should be congratulated on their understanding of the future of education.