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 might work full-time jobs. They might be students. They might simply lack the time, resources, experience, or capital to realize their vision. Some possess the skillsets and resources, but aren’t ready for the drastic change of lifestyle necessary to commit to building a company.
Consequently, many of these “Idea Generators” are left with just that, an idea. WayFounder provides a platform and the resources for those ideas that have the potential to become successful businesses—something scalable, sustainable, and profitable. WayFounder provides competition winners with a $10,000 cash prize and a commitment to spend up to $50,000 bringing their idea to market.
Through a series of online competitions, WayFounder will source ideas from all across America, searching for those consumer solutions that may begin their lifecycle as one-off product ideas but have the potential to scale up into a full-fledged business. These ideas may ultimately launch a whole line of products or even spawn a new product category.
WayFounder provides competition winners with a cash prize, a commitment to spend up to $50,000 bringing their ideas to market. Plus the winners receive a royalty on those sales. If a product shows the promise of scaling into a company of its own, WayFounder will commit up to $250,000 and bring aboard an “Executive Entrepreneur”—a Founder/CEO with experience in that specific category to take the business to the next level. The contest winner will receive founder equity in that new company.
The WayFounder team and its Advisory Board—with decades of combined experience launching, funding, scaling, and running successful entrepreneurial businesses in consumer product and tech categories—ensure that winning ideas have the best chance of success. Successful companies have multiple founding moments. They require ingenious ideas and the right teams to execute productive strategies to convert those concepts into marketable products.
Whether it’s a consumer product or a web or mobile app, submit an idea. Have an idea for a pet toy? Always wanted to develop an app but don’t have the resources? Submit your ideas and WayFounder will contribute the team, capital, and resources to build your product. Together we’ll find the way.
Entrepreneurship, competition, idea generation, product development, start-up financing, and distribution are constantly evolving. The founding process also needs to evolve. That is why WayFounder is creating a new breed of founders.