Business leaders in Ballston are launching a program designed to help entrepreneurs in the community take their ideas to the next level.

Beginning early next month, the Ballston Business Improvement District will accept applications from people and businesses with undiscovered ideas and give them the chance to pitch them to Ted Leonsis, the owner of the Capitals, Wizards and Mystics.

"Ballston is really a place where minds meet," said Tina Leone, the organization's CEO. "We're very excited about this."

A panel of judges for the program, called the Ballston LaunchPad Challenge, will review each application and select 10 finalists, who will then be paired with mentors in the community to develop business plans.

Three of the 10 finalists will then be selected to present their ideas to Leonsis, who could help fund the project.

"This is a smart way to incentivize businesses to open and grow in Arlington," Leonsis wrote on his blog.

The competition will be formally announced on Thursday.