The program, KU Catalyst, is a joint project between the School of Business and the Bioscience and Technology Business Center. It will work to connect students with mentors, workspace and capital to start new companies, The Lawrence Journal-World reported. The accelerator will accommodate 10 to 12 student teams at a time.

KU Catalyst will open in the BTBC next month, but its ultimate home will be the new business school building, which is scheduled to open in the 2015-16 school year.

“We’re setting up the rooms to be comfortable and usable by a number of different teams as they want to come and go and be part of this,” said Wally Meyer, director of KU’s entrepreneurship programs.

Students who want to work in the accelerator will be required to submit a business plan, validation of the concept by potential customers, some initial financial investment and evidence of dedication.

Entrepreneurship faculty offices will be built near the accelerator so students can have access to mentors. Students can also get help from a board of advisers made up of more than 30 people with business experience.