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FOR IMMEDIATE RELEASE
October 15, 2014
WayFounder Launches Fall 2014 Competition
WayFounder Enlists Top Talent for Second Quarterly Competition Judging Panel
BEVERLY HILLS, OCTOBER 15, 2014 – WayFounder launched its second quarterly online competition today, 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 features a new panel of celebrity judges seeking 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, pets, and home and garden. Consumers with ideas outside of the six main areas may enter the Wild Card category.
WayFounder has added eight new guest judges to the lineup, whose expertise encompasses the new education, toy and fitness categories in addition to an expert in tech and apps.
New judges for fall competition:
- Maxine Clark, Founder, Build-A-Bear Workshop®judging the Toy Category
- Bianca Jade, Founder of Mizzfit.com Fitness Trend Expert judging the Fitness Category
- Jeffrey Cohen, CEO, Sylvan Learning Center, Inc. judging the Education Category
- Jennifer Jolly, Emmy award-winning tech journalist USA Today judging mobile app submissions
- Eddy Pham, CEO, ePCo judging all categories
- John R. Baudhuin, Founder and CEO, Mad Dogg Athletics judging the Fitness Category
- Ramit Varma, Co-founder, Revolution Prep judging the Education Category.
- Chris Raih, Co-Founder, Managing Director, Zambezi judging the Fitness Category
Judges returning from spring competition:
- Katie Cleary, President, Peace4Animals judging the Pet Category
- Linda Cooper, Retail Expert, Co-Host and Executive Producer of the “Live Love Laugh Today Show,” judging all categories
- Brett Marz, Co-founder and President, BAMKO judging all categories
- Justin Massion, Founder, JAM Studios judging all categories
- Kelly McConnell, CEO, Prince Lionheart, Inc. judging the Baby and Parent Category
- Steve Netzley, CEO, Havas Edge judging all categories
- Cynthia Wylie, Founder & CEO, Bloomers judging the Home and Garden Category
“Our team is honored to have these guest judges donating time and expertise to empower our users on their path to success. For most folks with big dreams but no experience in building a business it would be extremely difficult to have their ideas vetted and reviewed by industry leaders with this much experience,” said Founder and CEO Damon D’Amore.
The competition began today at 12:01am PST and will run through midnight PDT December 31, 2014. 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, 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. Users can submit up to seven ideas – one per category – for a single entry fee on www.WayFounder.com.
The Spring 2014 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 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.