Equally important for the promotion of excellence in the university is an emphasis on shared governance. The faculty needs to be involved directly in the process of running the university and in the setting of priorities.
As academics we have pretty good judgment about the quality of institutions that cannot simply be measured by counting the number of papers published or patents received. Outsiders who swoop in to count beans and make up lists based on statistics have little sense of what excellence is.
That said, there are a few clear factors that determine the potential of a university to reach the highest levels of excellence. In the case of Harvard University, it was true that by the time of its tercentenary (300th anniversary of its founding) in 1936, Harvard had already achieved a reputation as a world-class institution. Harvard did not have the stature that it does today.