Groundwork Labs assists student entrepreneurs

Durham business accelerator Groundwork Labs plans to school student entrepreneurs from five North Carolina universities this summer.

Groundwork, which is backed by nonprofit NC IDEA and WRAL-TV owner Capitol Broadcasting, announced Monday that it would provide free mentoring and other services, plus free office space, for the student entrepreneurs this summer.

Each of the participating universities -- Duke, N.C. Central, N.C. State, UNC-Chapel Hill and Wake Forest -- will select a team from the business plan competitions they conduct to participate in the program, dubbed "Underground Summer."

"Underground Summer is a bridge from the excellent program that the universities have established," John Austin, director of Groundwork, said in a statement. "This experience will enable the students to experience the broader entrepreneurial community in the Triangle."

Unlike typical business accelerators, Groundwork doesn't provide start-up funding in exchange for an ownership stake in a company. Instead, it help technology startups gear up to raise funds elsewhere or to "bootstrap" their venture without outside funding.