Whether your idea is only a spark of a few written paragraphs or a detailed business plan and prototype, if it’s a consumer product or app idea, apply to be a WayFounder.
Have an Idea?
Congratulations! You’ve taken the first step toward realizing the potential rewards of turning your ideas into real products and healthy businesses. The WayFounder Fall 2014 Competition runs from 12:01 am ET October 15, 2014, through 11:59 pm ET on December 31, 2014. You can enter the competition by clicking the button at the bottom of this page or by clicking here.
WayFounder will choose at least one winner for this competition and potentially seven winners, one per category. Winners receive a $10,000 USD cash prize. WayFounder commits a minimum of $50,000 USD to bring that product to market, at which point the winner receives a 5% royalty on all sales of that product. If the product is successful, WayFounder will invest another $250,000 to hire an experienced CEO to grow that single product into a viable and sustainable business, and the winner will receive 5% founder equity in a new company. Full details of the compensation packages can be viewed in the official Rules.
Choose Which Categories to Enter
There are seven (7) categories for the current competition. Contestants can enter one idea in each, for a total of seven (7) idea submissions. We are seeking ideas for physical consumer products and mobile apps in the following categories for our Fall 2014 Competition:
- Baby & Parent
- Home & Garden
- Wild Card
Wild Card category: Ideas can be for any category other than the ones noted above. For example, your idea could be a fashion product or automotive accessory.
Enter the Competition
After visiting the Competition Page, you will be asked to setup your unique User Profile, which will serve as your personal dashboard for submitting, tracking, and receiving feedback on your ideas. You may also enter on our Facebook page at www.facebook.com/wayfounder.
What does it cost to enter the competition?
There is a one-time $10 entrance fee, which allows you to submit up to 7 ideas (one idea in each of the seven categories). WayFounder provides a platform and the commitment of our team and judges to review submissions and provide feedback. WayFounder ultimately awards prize money and financing for the winners and their ideas. If you believe in the potential of your ideas to become successful products or a new business and determine it’s worth investing our resources to do so, we believe it is worth a small entry fee. This also helps distinguish inventors who are serious about their ideas from those just casually thinking of ideas.
What Qualifies as an Official Submission?
WayFounder wants to hear as much about your idea as you can share. Official submissions can be as short as a few written paragraphs or as detailed as a full business plan.You may submit photos, drawings, designs, prototypes, or videos of the problem that your product solves – all non-video assets should be compiled into a single PDF file that you can upload on the entry form for each category.
If you have sought patent protection, researched existing potential intellectual property filings, or can provide any other potentially important legal information that pertains to your idea, there will be areas in the submission form to enter it.
The more information that WayFounder receives to judge an idea, the better chance it has of becoming a finalist, so we encourage you to get creative and present the WayFounder judges with as much detail as possible.
Who are the Judges?
The WayFounder team and our Advisory Board will be judging entries with the insight of decades of experience in developing, producing, branding, and bringing to market successful consumer products and apps. Additionally, there will be celebrity judges with expertise in each of the four categories. Celebrity judges will vary for each competition. View them by here: Guest Judges.
What Criteria Does WayFounder Use to Judge Ideas?
Each competition will have specific judging guidelines – view them here. In general, there are a few guidelines you should consider when evaluating your own ideas:
- Does your product solve a problem, and if so, what is the specific problem that it solves?
- What inspired you to come up with the idea?
- How many people have this problem?
- Do people currently use another product to solve this problem, that is, who is your potential competition?
- Why is your idea important? What sets your concept apart from the others?
- Can you provide a detailed portrait of the ideal consumer who would buy your product? (How old are they? Where do they live? What type of job do they have? What is their income level? What are their hobbies? Etc.)
- Where is the ideal location that people would buy your product: online, on a store shelf, in a catalog, etc.?
Is My Idea Protected?
Unlike with certain competitions that involve public voting there is absolutely NO public viewing or judging of WayFounder idea submissions. Your ideas are kept private. The only persons who have access to them are the WayFounder Team and our expert judges. If you choose to share your participation on social media via one of our direct links, only the fact that you have entered a category submission will be shared with the public – THE DETAILS OF YOUR SUBMISSIONS WILL NOT BE SHARED ON SOCIAL MEDIA.
For a detailed list of Frequently Asked Questions, visit the FAQ page. The rules and judging criteria for the Fall 2014 Competition can be viewed on the competition site once you are logged in.