New ‘Groundwork Labs’ to Accelerate Startup Success
November 14, 2011
(Durham) - Nov. 14, 2011 - Two North Carolina-based companies with deep entrepreneurial expertise -- NC IDEA and Capitol Broadcasting Company -- today announced the formation of a new tech accelerator: Groundwork Labs.
Based in Durham’s American Underground, Groundwork Labs will select tech startups to join a three-month program providing up to $20,000 in funding, mentoring from successful entrepreneurs, access to investors, office space, legal expertise and business guidance. The first session is set to get underway in the spring of 2012.
Groundwork Labs is located adjacent to video game accelerator Joystick Labs, and while funded and operated independently, will take advantage of synergies provided by location and collaboration. Interested companies should visit www.GroundworkLabs.com.
Leading Groundwork Labs on the investor side are Jimmy Goodmon and Michael Goodmon of Capitol Broadcasting Company and David Rizzo of NC IDEA. Both have been extremely active supporters of North Carolina entrepreneurs. John Austin, current director of Joystick Labs, will also direct Groundwork Labs.
“Our goal is to launch successive waves of new companies that will grow into job creators and game changers,” said David Rizzo of NC IDEA. “Groundwork Labs will bring a new degree of expertise and support to an entrepreneurial eco-system in the Research Triangle Park region that is already incredibly promising.”
The Atlantic Monthly recently featured the American Underground and Joystick Labs in its round up of the South’s most bustling startup hubs.
About NC IDEA
NC IDEA, a 501(c)(3) not-for-profit organization, targets promising technology companies that need help bridging the gap between initial product development and venture capital funding. The organization helps young, innovative companies mainly by providing early financing in the form of grants, accelerating the creation of new North Carolina companies and jobs. NC IDEA further supports its grant winning companies by leveraging the organization’s solid partnerships and strategic alliances to assist companies through research phases, business challenges and growth goals. Since its inception in 2006, NC IDEA’s grants program has awarded approximately $2.1M to 57 companies across the state. Learn more at www.ncidea.org.
About Joystick Labs
Joystick Labs is a first of its kind seed-stage accelerator program focused exclusively on launching the next generation of digitally distributed video game companies. Joystick Labs seeks to identify teams of developers who are passionate about games and social media, have a clear vision for the experience they want to create, and who are entrepreneurs at heart. Selected teams receive seed capital and studio space, technical and business services, and access to industry mentors. Founded in 2010, and backed by an active group of RTP-based angel investors, Joystick Labs has launched seven studios and expects to accelerate five more in 2012.
About CBC
Capitol Broadcasting Company, Inc. is a diversified communications company which owns and/or operates WRAL-TV, WRAL Digital, WRAL-FM, WRAL-HD2, WCMC-FM, Microspace, CBC New Media Group and Wolfpack Sports Marketing in Raleigh, NC; WJZY-TV and WMYT-TV in Charlotte, NC; WILM-TVand Sunrise Broadcasting in Wilmington, NC; WRAZ-TV and The Durham Bulls in Durham, NC; and real estate interests including the American Tobacco Project and Diamond View office buildings in Durham, NC.
About American Underground Designed to foster creativity and collaboration among startups and small businesses, the American Underground occupies the lower levels of American Tobacco’s historic Strickland and Crowe Buildings. Features include individual tenant suites and single offices of flexible sizes, a large classroom, multiple shared ‘conference cabanas’, a common break room and a vintage arcade. Synergy Commercial Advisers leads recruitment.