Users Decide $10,000 Business Ideas At IdeaBlob.com

Posted by Matt on September 24th, 2007

Coverage of DEMOfall07 companies this week starts with IdeaBlob, a company funded by Advanta, one of the nation’s largest issuers (through Advanta Bank Corp.) of small business credit cards. Just launched today, IdeaBlob.com is an open and dynamic community where anyone can post their business ideas. Community members vote on these ideas and provide valuable feedback and advice. In a full on blitz for launch traffic, every month for the next six months, IdeaBlob is giving the idea with the most votes a check for $10,000. $10,000 is a lot of bank for most people, and more than enough money to get a web startup off the ground these days. And according to the official contest rules, the winners are not entitled to give IdeaBlob any holdings in the business. Have a popular idea, win $10,000.

Basically every week, which IdeaBlob calls a ’sprint’, the ideas with the most popular votes are put into a finalist list. On the final ’sprint’ of the month, users can only vote on the ideas in the finalist list. In order to combat abuse in the system, one must register to vote and can only vote once per ’sprint’.

While the initial contest will attract plenty of users the first six months, I do not see potential in this site for carrying a lasting community. The site in its current state has little to promote user collaboration and communication. There are no forums to discuss certain markets or industries of interest and the ‘Advise’ section seems incomplete and detached from the rest of the site. Maybe it just seems bland because of the lack of initial content. Regardless, if you have a business idea, you really have nothing to lose. Though it seems some might need to look elsewhere to fund their ideas. According to IdeaBlob:

“Entries must describe an idea for a legitimate business that may be lawfully operated in the United States that does not involve alcohol, illegal substances, tobacco, firearms or pornography in any way.“

Guess I’ll have to find funding for my latest Facebook App, “Smoking Drunk Chicks With Guns”, elsewhere. Shame.

Tags: DEMO, User Voting Sites