Welcome to the WayFounder beta site!
We are excited to introduce WayFounder to the world and look forward in the coming weeks and months to meeting a number of great entrepreneurs on the way to our full launch later this year.
WayFounder was founded on two core beliefs: first, good ideas come from everywhere – not just specific communities, areas of “startup hotbeds” or institutions. Second, all startups have multiple founding moments, and the key team members vary as a company grows through different lifecycles.
At WayFounder we work with the online community to find the best consumer product, web and mobile ideas from those who lack the resources or knowledge to execute on their own, and we reward those “Idea Generators” with compensation both immediately in the form of cash, and long-term in the form of equity. We then commit the necessary resources, capital and experience to bring those products to market. If a product proves the potential to be scalable into an actual startup, WayFounder finances that venture and finds the right talent in what we call an “Executive Entrepreneur,” who has the experience necessary to lead the company to long-term profitability.
We will be sharing blog posts in the coming weeks specifically about Idea Generators, Executive Entrepreneurs and our process of using online competitions to source ideas for WayFounder startups.
How we define a “startup” is best stated by Eric Ries in his book, The Lean Startup:
A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty.
What do we me by “scalable and sustainable?” Steve Blank, author of The Startup Owner’s Manual defines this as:
A ‘scalable startup’ takes an innovative idea and searches for a scalable and repeatable business model that will turn it into a high growth, profitable company. Not just big but huge. It does that by entering a large market and taking share away from incumbents or by creating a new market and growing it rapidly.
Over the past decade the number of startup incubators and accelerators has surpassed 1,200 in the U.S. The most successful of those programs are made available to only the top 1% to 4% of applicants who compete for the funding and resources to make their startup dreams a reality. WayFounder’s team and platform are designed specifically to provide an opportunity for the other 96% to 99% of the population who have creative solutions to real pain points that we all experience at home, at work or during play. And through the process, we aim to improve the odds of success for that growing majority.
WayFounder and its team believe that in order to stay competitive, we must broaden the base of folks that provide ideas for America’s next great products and companies. Entrepreneurship, competition, idea generation, product development, startup financing and distribution are constantly evolving.
The founding process also needs to evolve, and WayFounder is meeting that challenge by creating a community of this new breed of founders… WayFounders.
<a href="http://www.startuplessonslearned.com/2010/06/what-is-startup great post to read.html”>http://www.startuplessonslearned.com/2010/06/what-is-startup.html