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This week the LA entrepreneurial scene produced something pretty unexpected: WayFounder, a place for “nontrepreneurs,” or people without the means to start a business (aka normal people), to make their ideas come to life.
WayFounder, which debuted Tuesday, offers a quarterly series of online competitions which will source for consumer solutions. First up in the series are ideas in the home and garden, baby and parenting and pet categories. Seemingly random, no? Well, combined these industries offer a market worth billons, so it really is worth a shot at producing a hit product in these categories.
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Teams deemed “winners” by WayFounder not only have a chance at striking it big in these markets, but also have a chance at viral exposure and an expanded network thanks to founder and CEO Damon D'Amore, who is a former Wall Street trader and the broadcast producer of "The Apprentice" and "Undercover Boss.”
It’s a pretty cool premise that WayFounder is founded upon: profitable business solutions can come from people in all walks of life. And WayFounder is putting its money where its mouth is by providing each winner with $10,000 in a cash prize, a commitment to spend up to $50,000 to bring the product idea to market plus royalties and equity in the company. There is even a possibility of WayFounder committing up to $250,000 to hire an "Executive Entrepreneur," (usually an experienced founder or CEO) in the industry to scale the business.
The first WayFounder competition started this week and runs through June 8.
