The two celebrities are launching a series of projects in the UK, aimed at 11 to 25 year olds, to encourage them into employment.
The projects range from the opening of a restaurant in central London, to sports projects that involve the redevelopment of sports pitches and donations of equipment and fashion, film and music ventures.
The pair are hoping brands will become involved with the venture by donating their products or branding certain elements of the projects.
The scheme will be backed by multiplatform marketing activity, although the exact details are unconfirmed.
Chris Nathaniel, from NVA Entertainment, the group behind the venture, says that four broadcasters have already approached the company to film a documentary on the venture. He says brands have also been in touch to proffer their assitance with opening of the London restaurant.
He adds “40/40 is about giving something back to the community and encouraging kids that are other career paths to go down apart from the obvious. Jay-Z and Ashley Cole are using their position to help everyone else, it’s like Jim’ll Fix It [on a bigger scale].”