In this paper, using our actual experience as finance faculty, we go over the steps to build and run an Investment Lab at University. First, we explain how the curriculum may be changed in order to accommodate this experiential learning opportunity in a finance undergraduate program. We explain how a new course oriented towards portfolio management may be created. Next, we describe how the student body may benefit from this initiative. Why is an Investment Lab needed at a university? What are the disadvantages of not having an Investment Lab (i.e. losing market share to competition, not bridging between theory and practice, and so on)? What is the solution to these problems? We explain that the solution possibly requires a new “Applied Portfolio Management Concentration/Minor”. As an example, we show what courses may be included under this new minor. Then, we go over the operational plan, including the business plan. We propose the establishment of a four-course minor, the lab, and a student managed fund. We explain how the whole operation will be financed. Then, we present the timeline and explain what needs to be done throughout the whole process. Finally, we go over the costs in detail. We believe that this paper will help other universities that would like to start an Investment Lab.