Things not done:
Not hiring Bill Snyder when he wanted the job.
Poor hires:
Hiring Jim Criner
Hiring Jim Walden
Hiring Bruce Van De Velde
Hiring that boob, Greg McDoormat. Horrible coach and immediately destroyed our basketball program.
As an institution:
1939-1942 by John V. Atanasoff, professor of Physics and Mathematics and Clifford Berry, Engineering Grad Student - It truly blows my mind that ISU doesn't make a bigger deal about inventing the computer. (Nor did the university capitally benefit financially from it at all.) Nothing regarding patents, etc... No marketing of it at all. No government contracts or investments came from it benefiting ISU.
I mean, the BIRTHPLACE of the first electronic digital computer was created at Iowa State University. You're welcome WORLD.