To get from here to there (or hence thither) the following steps are required: (1) assemble a team of like-minded scholars/teachers and like-minded and interested but non-academic Lutheran laymen of great influence; (2) design a curriculum, figure out initial staffing and physical plant needs, as well as costs to perpetuate the program; (3) raise money (at least enough to support at least 50% of the salaries and benefits the necessary initial faculty + anticipated library needs); (4) take hat in hand and approach the existing institutions with an offer to fund, staff, and run the program; (5) ensure accreditation through the AALE or TRACS for the program.
There's a lovely story about a couple, shabbily dressed, who approached the then president of Harvard University with an offer to make a donation. The president, sizing them up on the basis of their shabby appearance, turned down their offer as presumably too piddling. So instead of donating to Harvard, the Stanfords founded a brand-new institution. Apocryphal though the story may be, it's well known in educational circles today, and nary a president turns down even the smallest offer of support.