George Freeman, founder of 4D Biomedical, and Nigel Brown, chairman of the Greater Cambridge Partnership, are looking at how to raise the funds.
The pair believe it would provide a boost to the economy of Norwich and the ports of Great Yarmouth and Lowestoft.
Mr Freeman said they want to see if it is feasible to bring together private and public funds to build the line.
'Unlock potential'
"East Anglia has woeful road, rail and broadband links," Mr Freeman said.
"We will never unlock the potential of this region unless we can get around."
He said a Cambridge business investor told him that he was not interested in companies in Norwich because ""they are too difficult to get to".
"Investing in a modern rail, road and broadband infrastructure will allow us to accelerate innovation, spread prosperity, and reduce congestion," he said.
New rail franchise
Mr Brown, who used to work for Cambridge-based investment bank N. W. Brown, said: "You only have to look at the effect which the Victorians had on the districts in which they built their new railway lines.
"Houses, commerce and wealth will always follow. Many new houses are being planned for this region but no one has thought about the communications.
"Many of the trains in the region take longer than they did in the 19th Century."
One option they are looking at is to start a new regional building society, with the power to raise its own new bonds, offering higher yields to investors than government bonds.
Approaching the existing rail operators will be the next stage.
Mr Freeman said if the project were to work it would need the Government to grant a 20 year franchise to run the operating companies and Railtrack businesses.
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