A venture capital-backed tech whiz is launching an online Ivy League-caliber university billed as the answer to high tuition and low acceptance rates at the nation’s premier schools.

Entrepreneur Ben Nelson will have the school, called the Minerva Project, up and running by 2014, he told The Daily. The elite online educator already has top educators on board, including former Harvard University president Larry Summers along with former senator and former New School president Bob Kerrey.

“More than ever there’s an enormous demand out there that gives us the opportunity to reimagine what an elite university should look like in a 21st century context,” said Nelson, founder of the online photo service Snapfish.

Read on to find out more about the Minerva Project, or watch a recent talk by Ben Nelson about it.