The facility will be in Tribe Square, a mixed-use property on Richmond Road in Williamsburg.
Launchpad, a regional business incubator, also will relocate to Tribe Square and enter into a management agreement with the university.
Development of the new hub is part of a continuing effort by the university to promote entrepreneurial approaches to all disciplines.
“Entrepreneurial thinking will be our emphasis in this space — collaboration, creative thinking and judicious risk-taking — capacities that William & Mary students hone as they prepare to become change agents in any number of arenas,” W&M President Katherine A. Rowe said in a statement. “Prominently located in Tribe Square, the new hub will cultivate a culture of disciplined creativity across the university and with our regional partners.”