A Home for Good Ideas Found at WayFounder

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Our luminary of the week is a person who truly captures the entrepreneurial spirit needed to succeed in our challenging and gradually more global economy. And he’s using that positive drive not only for his own company and team, but to help others too.

Meet Damon D’Amore, founder and CEO of the exciting, new company WayFounder. His venture is based on the notion that good ideas should be rewarded and supported.

“I would describe WayFounder as a community for anyone with a business idea, who would like to see that idea realized without taking the lifestyle risk inherent in starting a business,” says D’Amore in an interview with Luminary Daiy.

Here is how it works: WayFounder hosts an online competition every quarter asking for people to submit their brilliant ideas and inventions for a consumer app or product under four specific subcategories.

Applicants pay a $10 dollar entry fee, which allows for one idea per category, meaning they can enter four in total. Next up, they will answer a questionnaire and supply any additional information that they would like the share.

After the competition’s closing deadline, WayFounder board members and innovators in the startup community search through applications until they select four lucky recipients in each of the categories. Recipients of what, you ask? Cash. $10,000 of it, in fact. Plus, WayFounder will then invest $50,000 to develop those ideas and bring them to market, which includes their commitment to hiring a team of experienced professionals, who can take the winning ideas to the next level.

Then there are the other potential perks: if the developed idea sells, the winner gets royalties. If the idea is so successful that it becomes its own company, WayFounder will invest $250,000 to get it started and the winner will receive 5% equity.

Not a bad deal for an initial investment of ten bucks and a good idea.

That’s precisely why we love this concept, the company, the team behind it so much. WayFounder is empowering people that might not have the ability, executive spirit, or even the desire needed to launch something on their own. Factors that often hold people back from pursuing their ideas include location and lifestyle choices, which in many cases simply don’t allow for an entrepreneurial life.

What makes this new take on entrepreneurship so unique, is that no matter who you are, not matter where you are, and not matter what your experience or professional background may be, you can act on an idea and end up a successful entrepreneur.

In other words, it’s turning those who might not be able to be entrepreneurs into entrepreneurs.

“The thing that excites me most about the future and specifically about WayFounder is empowering a whole new class of founders from pockets of the United States that never would have been focused on because they are not Silicon Valley or New York. […] and through that process creating a whole new, vast pool of intellectual property and innovation to keep America competitive,” D’Amore adds.

To find out what Damon is looking for in contest submissions, what inspires him most, and what his daily reading regiment consists of, we invite you to watch our first video in Luminary Daily’s original series “True Luminaries Speak” at the top of this page. Look out for episode II next week, in which Damon will discuss more details about and share advice on successful paths to entrepreneurship.

By the way, if you have a good idea to solve an existing problem or need, the deadline for WayFounder’s Spring 2014 competition quarter is June 8. So head over to www.WayFounder.com and simply follow their submission process. What are you waiting for?

Damon D'Amore


 

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About the author: Luminary Daily

 

This article is a result of team work! Luminary Daily is an Online Magazine and Media Channel designed to provide content with a positive view on news, facts and stories from all around the world for audiences who seek to be informed in an uplifting, meaningful, and deeper sense while avoiding a constant barrage of bad news and negative gossip.

 

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