WayFounder Announces Judging Panel for National Business Idea Competition
Celebrity Guest and Industry Judges to Acquire Next Big Idea in Consumer Products and Mobile Apps in Home and Gardening, Parenting and Pet Categories
April 10, 2014, Los Angeles — WayFounder has opened its first quarterly online competition, geared at sourcing great ideas from consumers who are not able to assume the risks inherent in founding a new company. The first competition will run for 60 days through June 8, 2014 and will focus on acquiring consumer product and mobile app ideas in Home and Gardening, Baby and Parenting, Pet and “Wild Card,” encompassing all other ideas in different verticals.
Joining the WayFounder executive team, advisory board and investors, guest judges will review submissions based on their expertise in specific competition categories. Judges are also offering entrants an opportunity to support charities related to their industry by allowing consumers to assign a portion of their entry fee to the organization of their choice.
Guest judges participating include:
• Katie Cleary, President, Peace4Animals in support of Peace4Animals.com
• Linda Cooper, Retail Expert, Co-Host and Executive Producer of the “Live Love Laugh Today Show,” in support of The Family Place
• Jesse Draper, CEO of Valley Girl, Inc. and Founder of Valley Girl Ventures in support of bizworld.org
• Brett Marz, Co-founder and President, BAMKO
• Justin Massion, Founder, JAM Studios
• Kelly McConnell, CEO, Prince Lionheart, Inc. in support of K.I.D.S.
• Steve Netzley, CEO, Havas Edge
• Cynthia Wylie, Founder & CEO, Bloomers in support of Bloomers Schoolyard
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.
“It is a privilege to work with our guest and celebrity judges as their combined experience represents decades of valuable knowledge of taking product ideas from concept to market. For most people with consumer product ideas, access to this caliber of professional is normally difficult to attain. These founders and executives will be reviewing submissions, providing valuable feedback and offering entrants an increased chance of success,” said Founder and CEO of WayFounder Damon D’Amore.
WayFounder was founded on the core belief that successful companies have multiple founding moments and that good ideas come from everywhere, not just traditional “startup hotbeds.”
D’Amore is a former Wall Street trader and broadcast producer for “The Apprentice” and “Undercover Boss.” He has worked with more than 500 of America’s top C-suite executives. In the startup space, D’Amore spent the last three years in two ventures he co-founded in the consumer product and web/mobile spaces. Both experiences were inspirations for WayFounder’s business model.
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 see here.
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.