'American Start-Up' was devised by LivePlanet, Affleck and Damon's production company, and will air on US TV station Spike TV in 2005.
The 10-part series will include a panel comprising successful business tycoons and venture capitalists to guide the fledgling entrepreneurs on their way and criticise them when they get it wrong.
Co-producers, Larry Tanz and Sean Bailey, said: "'American Start-Up' shows real challenges -- not staged competitions -- faced by young entrepreneurs in their actual businesses. Seeing them put their livelihoods on the line week to week vying for the chance to achieve a life-changing investment in their dream will inspire and entertain."
The launch comes as the two actors are enjoying comparatively different career spikes. Damon is currently enjoying success at the box office with 'The Bourne Supremacy', the sequel to 2002's 'The Bourne Identity', while Affleck is suffering after a string of duds, including John Woo's 'Paycheck' and Kevin Smith's 'Jersey Girl'.
According to Affleck: "We believe in the contribution and independent spirit of the American entrepreneur and we are excited to work with Spike TV."
The series' executive producers are Affleck, Bailey and Tanz. Damon contributed to the creative.
The initiative is similar to 'Project Greenlight' in the US, which was started by Damon and Affleck as an internet-based script contest that comes with a multimillion-dollar budget from Miramax and HBO.
The two launched the project, now in its third year, after they wrote and starred in their own movie 'Good Will Hunting'. 'Project Greenlight' has been nominated for an Emmy Award for Outstanding Reality Programme for the past two years.
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