Depends on what you think helping him out will teach him. Will it instill in him the value of making a Plan B or will it just reinforce the notion that he needs to do nothing in regards to contingency planning? You’ve mentioned he has a pizza place her can work at if necessary. Let him go there. Perhaps a summer of a “rather be somewhere else job” will motivate him more than bailing him out would?
Just make sure you’re OK with the impact to his resume. How will that startup that he was so interested in evaluate it along side all the other juniors and seniors next summer? Again, this may be dependent on his major but summer research and/or classes may be a better route.
So here’s the latest…he has the fear of the Lord in him right now as it has dawned on him that he might have to come home and work at the Italian pizzeria after telling all of his friends that he was on the verge of a great new life. He started a LinkedIn page, he sent out 3 (a lot for him!) applications, he talked to a professor he likes, he set up an appointment at the career center. So far, so good (and I’m asking around about internships but, for now, he’s a whirling dervish and I’m standing way back…)
If he is a sophomore is this really the end of the world? Can he just find a job this summer and try again next year for an actual internship?
@SouthernHope when you had your talk with him did you have the heart-to-heart about contingency plans? He should have known he had very low chance of getting that internship. They already went away from past history in interviewing him (a very good sign but already a step beyond the norm). Good luck.
Yeah… @Erin’s Dad that would have been a good idea…but that didn’t happen. 
“Mom, I literally can’t believe they didn’t give me that internship!” and that was the extent of our talk. But the good news is that he’s on fire right now…and it will very likely be one of those moments that he remembers going forward.
Keep us posted @SouthernHope. Sounds like he has moved on well and is doing the right things—though a little later than you would have preferred. All part of the learning process.
I would have just ignored him. And Ghosted his texts or phone calls. Then called him a loser when he go home for the semester.
Well, that is what I would have liked to do, but never done.
I am just getting too old and tired to get these darn kids over the finishline and out of my house. I am crying uncle.
@SouthernHope That is great! ?