Music moguls Dr. Dre and Jimmy Iovine are taking their talents to the University of Southern California to create a music academy.
Iovine and Dre have known each other for a long time now. Iovine discovered the rapper back when he was known as Andre Young. They are also both business partners and launched Beats headphones. Both are credited for helping the careers of many stars such as Gwen Stefani, Lady Gaga, 50 Cent and the Black Eyed Peas.
According to New York Times, the two are giving USC $70 million to create a degree that "blends business, marketing, product development, design and liberal arts."
"If the next start-up that becomes Facebook happens to be one of our kids, that's what we are looking for," Iovine told the Times.
Erica Muhl, dean of the university's fine arts school, will be the music academy's director of the program. She will be in charge of creating the curriculum, selecting professors and reviewing applications.
The four-year program is officially called the U.S.C. Jimmy Iovine and Andre Young Academy for Arts, Technology and Business Innovation. Details of the program are still being worked out but the first class of 25 students will enter in the fall of 2014. One detail of the program already worked out is that seniors will have to complete something called "the Garage" which will require the students to set up a business prototype.
"I feel like this is the biggest, most exciting and probably the most important thing that I've done in my career," Dr. Dre said.
Part of the money the school received from Iovine and Dre will help students entering the program receive scholarships. Iovine already has ties to the university. His daughter graduated from USC and he will be giving the 2013 commencement speech.
