WayFounder Announces Winners in Spring 2014 Competition!
August 15, 2014
WayFounder Announces Winners in Spring 2014 Competition
Three Winners Awarded $10,000 and Opportunity for Royalties and Equity if Funded Ideas Become Successful Businesses
Beverly Hills, August 15, 2014—WayFounder announces today three winning ideas for its first quarterly online competition designed to reach “Nontrepreneurs,” people with great ideas but who are not able to assume the risks inherent in founding a company. WayFounder provides funding and resources to seasoned entrepreneurs to bring those ideas to fruition that have the potential to become successful startup companies. The first competition focused on acquiring consumer product and mobile application ideas in the Home and Garden, Baby and Parenting, and Pet categories. Additionally, users could enter a Wild Card category for any ideas outside of the scope of the three main categories.
The three winning ideas were submitted by four women across the nation, two individual submissions and one team entry. Mary Ellen Simonsen of Los Angeles, California entered a physical product idea in the Home and Garden category; Lacy Pool and Jessica Epstein of Austin, Texas submitted a mobile app ideas for wedding brides in the Wild Card category; and the winner in the Baby and Parenting category, also a physical product, asked not to be identified publicly. Details of the winning ideas will be closely held until they are brought to market.
“Our team and judges were delighted at the quality and creativity of ideas submitted,” said Founder and CEO Damon D’Amore. “We are thankful to the winners for entrusting the success of their ideas with WayFounder and we are excited to have ideas with such potential across a wide range of categories. All four winning individuals are women from across the country with diverse backgrounds.”
WayFounder also declared a runner up in the competition. Laura Cohen of New York, New York entered a physical product idea in the Wild Card category which did not result in a winning entry but had strong enough support from a majority of judges who believed in its potential if validated by consumers. WayFounder has the option to crowdfund the runner up idea in the next twelve months and will reward Ms. Cohen financially in the event of a successful campaign. In addition, WayFounder will honor its standard royalty and equity agreement as the product would then benefit from being developed and distributed through the WayFounder network.
“Sometimes you find an idea with the potential to be commercially successful but it does not exhibit the qualities to be scalable into a sustainable business at the outset. WayFounder and its team believe the runner up has the potential to be such an idea,” said D’Amore this website.
WayFounder provides each competition winner with a cash prize of $10,000, a commitment to spend up to $50,000 to bring the product idea to market, and royalties. If a selected product exhibits the promise of scaling up into a product line or even spawning an entire new category of its own, WayFounder commits up to $250,000 to hire an “Executive Entrepreneur,” or a Founder/CEO with experience in that specific category, to take the business to the next level. The competition winner also receives founder equity in the new company.
“Idea generators are everyday people who conceive solutions to pain points in their lives but do not necessarily possess the skills to execute or are not prepared for the drastic change of lifestyle necessary to build a business,” said Founder and CEO Damon D’Amore. “We provide the capital, commitment, and resources to turn those ideas into reality. The idea generators are rewarded each step of the way with both immediate cash rewards and long-term equity participation at levels exponentially more robust than most other options at their disposal.”
WayFounder was founded on the core belief that successful companies have multiple founding moments and that good ideas come from everywhere, not just traditional “start-up hotbeds.” The hybrid venture fund/incubator model was created to provide an opportunity for those ideas and founders that would likely never funnel through the traditional incubator or early-stage fund ecosystem to thrive in a “de-risked” environment.
The WayFounder team and its esteemed Advisory Board members have decades of experience launching, funding, scaling, and running successful entrepreneurial businesses.
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.