OMAHA, Neb. (AP) — The University of Nebraska’s Omaha campuses are opening a new institute to turn academic ideas into businesses.

The University of Nebraska at Omaha and the University of Nebraska Medical Center have created a partnership called UNeTech that is moving into a three-level, 5,000-square-foot building.

The partnership’s executive director Dr. Rod Markin says UNeTech will be a part of a way to encourage faculty and staff from the universities to turn their ideas in to marketable products and services, as well as create businesses and jobs.

UNeTech will help organize and fund startups. The program is seeking between $7 million and $10 million from individuals and outside agencies to invest in the fledgling companies.

The Nebraska Legislature allocated $1 million a year toward the facility’s operating expenses.