Jimmy Fallon is taking care of business! The talk show host, 50, is teaming up with Real Housewives of Beverly Hills star Bozoma "Boz" Saint John for the new reality competition series, titled On Brand with Jimmy Fallon.

The NBC series follows Fallon as he starts a marketing agency and "fills it with the most creative, clever, and competitive go-getters he can find," according to an official synopsis.

Fallon created the reality show after being inspired by his own vast experience in the marketing biz. He will also host and executive produce the series under his production company, Electric Hot Dog. Meanwhile, Saint John will serve as an expert judge and mentor to the show's team of creatives.

"With On Brand, I thought it would be cool to have executives from some of the most iconic brands pitched ideas by normal people bursting with creativity," Fallon tells PEOPLE exclusively. "Some have advertising backgrounds. Some are influencers. Some are swim instructors. It doesn't matter. All that matters is coming up with the best idea."

Viewers should expect to be wowed by the show's originality, Fallon says. "There really hasn't been a show like this on television, and I think everyone is gonna love it," the talk show host adds.

Saint John, who formerly worked as the chief marketing officer for Netflix, shares that she's excited to show off her expertise. "What a thrill to bring my love for marketing to On Brand with Jimmy Fallon! From concept to camera, every moment was magic," she says. "I'm proud to be part of a show that celebrates creativity at its boldest; and honored to work with a genius like Jimmy."

As for how each episode will play out, the creatives will work with a leading brand to come up with an idea for "a massive, high-priority campaign – from creating earworm jingles and unbelievable activations to producing the most quotable commercials and must-have merchandise," per a press release. The creatives will then present their ideas to a brand representative, with the help of Saint John and Fallon, and only the best ideas will move forward.

At the end of the season, one of the creatives "will be named the best in the business" and awarded a cash prize.

Major brands featured in the show include Captain Morgan, Dunkin', KitchenAid, Marshalls, Pillsbury, Samsung, SONIC Drive-In, Southwest Airlines, and Therabody.

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The reality show is set to premiere later this year.

Fallon has hosted The Tonight Show since 2014. The comedian celebrated the late-night talk show's 10-year anniversary last February. Before hosting The Tonight Show, he was the host of Late Night with Jimmy Fallon. Fallon was also a cast member on Saturday Night Live from 1998 to 2004.

He released the fifth and final installment in his picture book series on May 13. The latest book is called Papa Doesn't Do Anything! and features a kid's perspective on what grandfathers do.