Second Online Competition Will Feature Education, Fitness and Toy Categories
BEVERLY HILLS, Calif., Oct. 7, 2014 /PRNewswire-iReach/ — WayFounder has announced details around the launch of their second quarterly online competition, which targets “Nontrepreneurs,” those who have great ideas but are unable to assume the financial or lifestyle risks involved with founding a company. The second competition will seek ideas for consumer product and mobile applications in three new categories of education, fitness and toys. WayFounder will also bring back categories of its spring 2014 competition in baby and parent, pet and home and garden. Consumers with ideas outside of the six main areas may enter the Wild Card category.
“Last spring, our team, board and investors were thrilled with the results of our launch. The number of entries from all corners of the country, engagement metrics, quality of ideas and depth of detail in submissions all exceeded the expectations of our team and guest judges.” said Founder and CEO Damon D’Amore. The spring competition resulted in three winning ideas submitted by four women across the nation, two individual submissions for product ideas and one team entry for a mobile application idea.
The second competition will launch October 15, 2014 at WayFounder.com and run through December 31, 2014. Joining the judging panel will be “celebrity” guest judges for the newly added categories including CEOs, industry leaders and successful entrepreneurs. WayFounder will select one or more competition winners, rewarding them with a cash prize of $10,000, a commitment to spend up to $50,000 to bring the product idea to market, and royalties on sales and the potential to earn equity if WayFounder invests an additional $250,000 to launch a new company based on the idea.
The WayFounder business model was inspired by D’Amore’s years in two start-up ventures he co-founded in the consumer product and web/mobile spaces. The hybrid venture fund/incubator model was created to provide a de-risked opportunity for ideas to flourish that would likely never funnel through the traditional incubator or venture ecosystems, as the idea-generators are not prepared to assume the lifestyle risk necessary to commit full-time to building their product idea. D’Amore has spent decades in finance, producing and marketing as a former Wall Street trader and broadcast producer for “The Apprentice” and “Undercover Boss.”
WayFounder is built on the premise that great ideas come from everywhere. People from all walks of life have ideas for solutions to problems that aren’t currently offered by existing products in the market. They work full-time jobs; are students; or may simply lack the time, resources, experience, or capital to realize their vision. Consequently, many of these “Idea Generators” are left with just that, an idea.
WayFounder provides a platform and the resources for those ideas with the potential to become a business to succeed and grow into something scalable, sustainable, and lasting. WayFounder will contribute the team, capital, and resources to turn ideas into viable products.
Entrepreneurship, competition, idea generation, product development, startup financing, and distribution are constantly evolving. The founding process also needs to evolve. WayFounder aims to provide opportunity for a new breed of founders. The WayFounder Team and its Advisory Board, with decades of combined experience launching, funding, scaling, and running successful entrepreneurial businesses in consumer categories, ensure that winning ideas have the best chance of success.