The park will be built on a 3.6ha site on a major crossroads along the Mansfield and Ashfield regeneration route, next to the new West Nottinghamshire College.
The Sherwood Growth Zone Partnership (SGZP), which is steering the park scheme, has secured planning permission and applied for £6.3 million of government and European funding.
This money will go towards implementing the infrastructure needed on the site and building an incubation centre to provide 2,000m2 of floor space for start-up businesses.
SGZP co-ordinator Tom Rawsterne commented: "The businesses will be boosted by support from the college. We expect that most of the new entrepreneurs will be former students from the college. It is a win-win for both parties."