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The 59-year-old Douglas plans to announce his "42 to 1" initiative at the Ohio Statehouse Wednesday, alongside city and state leaders and two-time Heisman Trophy winner Archie Griffin.
The effort will include workforce development, diversity and self-help components. Columbus' Franklin University and programs serving at-risk youth, former prison inmates and other vulnerable populations are participating.
James "Buster" Douglas is a Columbus native who faced 42-1 odds against Tyson, the reigning undisputed world heavyweight champion when the two fought Feb. 11, 1990, in Tokyo. Douglas prevailed in a stunning upset.
The contest gained renewed attention with the release of an ESPN documentary in December.