The following is a guest post from fnBlog Contributor Damon D’Amore, Founder of WayFounder. This post, originally posted on The WayFounder Blog– a collection of blog post about Idea Generators, Executive Entrepreneurs and our process of using online competitions to source ideas for WayFounder startups.
Another common choice is a growing number of “inventor” websites and product development/distribution companies – some with real merit, large retail output deals and staff members experienced in product development and marketing. However most of these companies have mandates to simply test and release products. They lack the infrastructure, funding and drive to identify those ideas which have the potential to grow into a full-scale startup or business on their own. These companies may be a good solution for a one-off product idea or even a feature for an existing product category, but for someone who believe their idea has the potential for much greater success, these are not the companies you want to sell your intellectual property to in exchange for a small licensing fee.
Entrepreneurs represent a rare breed. It takes a special type of person to put their reputation, resume and personal resources on the line full-time – time and time again – continually embracing and learning from the many roadblocks and failures on the way to building a successful business, and the failures exponentially outnumber the success stories. Those who have taken the journey learned first-hand what it takes to bring an idea through the stages of prototyping, financing, legal and patent filings, strategic and/or founder partnerships, hiring and firings, engineering, design, development, marketing, sales, distribution and ultimately the scaling and sustainability necessary to sustain a business. Some of the glamorous highlights include: late nights stuffing envelopes, long days sending emails or making cold calls, dealing with manufacturers, retailers, investors, lawyers all as a first-time entrepreneur trying to convince them why they should take time away from their big clients to work with you, the list goes on.
Most people who experience the aforementioned joys of entrepreneurship throw in the towel sooner than later, assuming their plans are not working and there must be quick success to validate their idea or it’s not worth it. Sure, there will always be exceptions to the rule – viral sensations that sell millions of products, or businesses that only require a handful of hours a week to maintain, but they are just that – anomalies whose stories are ultimately packaged to sell books, seminars and targeted ads in your inbox.
Nontrepreneurs and Idea Generators now have a light at the end of their individual tunnels and a well-funded experience team motivated to turn those ideas into successful startups. As WayFounder gets closer to our launch date we will be detailing the proprietary process by which people can submit ideas safely and securely, without concern that someone will steal an idea. We will also be providing information on how we select CEOs and founding teams to run those startups that make the cut, and the online competitions that will facilitate bringing your dreams closer to reality.
“The problem with American business is not a lack of good ideas, but a lack of follow-through.” – Mary Kay-Ash.
WayFounder is looking to work with those people with ideas for the next generation of startups. Regardless of where you live, your economic status or educational level or experience in business, if you are passionate about a product, digital or app idea that solves real pain points for large numbers of consumers, together we will bring those ideas to life and in the process democratize the startup ecosystem in America.
Want to learn more about @WayFounder? Check out WayFounder’s Blog or connect with him on Twitter @damondamore
Damon D’Amore has spent the last three years in two startup ventures he co-founded in the consumer product and web/mobile spaces. Both experiences were inspirations for the business model of WayFounder.