The University of Chicago is opening a new center to help entrepreneurs and scholars launch new products and businesses.
University officials announced the Chicago Innovation Exchange on Friday. The center will open near the Hyde Park campus on Chicago's South Side in late 2014.
Chicago Mayor Rahm Emanuel joined University of Chicago President Robert J. Zimmer for the announcement.
Emanuel says the Chicago Innovation Exchange will create economic opportunity and jobs and "ensure that Chicago continues to be a city of ideas and growth."
The center will have room for five to 10 startup companies per year, as well as meeting rooms and co-working spaces.
The university also plans to create an "innovation fund" of up to $20 million to help startups created by faculty and students.