Dr Dre and his Beats co-founder Jimmy Iovine have pledged to give $70 million to the University of Southern California to establish a four-year undergraduate program for students interested in a mix of the arts, visual design, entrepreneurship, computer science and marketing.

The donation will set up the USC Jimmy Iovine and Andre Young Academy for Arts, Technology and the Business of Innovation, a university course was described in official statement from USC as intending to appeal to people "who [want to] challenge conventional views of art and industry." It will consist of four core subjects: arts and entrepreneurship - to encourage originality from the students; technology, design and marketability - to develop original ideas; concept - to apply ideas in practice; and business platforms and creating a prototype - to launch graduates into the business world almost immediately.

Jimmy Lovine Dr Dre
Jimmy Lovine and Dr Dre plan to inspire a future generation of budding entrepeneurs

USC President C. L. Max Nikias said in a statement on behalf of the university; "The vision and generosity of Jimmy Iovine and Andre Young will profoundly influence the way all of us perceive and experience artistic media. USC provides an extraordinarily rich academic, research and artistic environment. We are committed to encouraging our students to use their intellectual and creative resources to effect change in all segments of society. Our goal is to ensure that the academy is the most collaborative educational program in the world."

The first class of 25 students will be chosen for the course to start in the fall 2014 term. Applicants will be chosen by "a rigorous review process" that will focus on academic achievement and the "proven ability for original thought."

Iovine and Dre co-founded the electronics company Beats Electronics in 2006, with the group planning to launch a new music streaming service this year, with the two working in collaboration with Trent Reznor of Nine Inch Nails.

Is it still F*ck Wit Dre Day?