Ever had an amazing idea but not sure how to go about realizing it, or even who to share your idea with? RealWants, a Korean startup founded early this year, aims to provide the platform and to form a community where anyone and everyone can share their ideas on the different community boards provided.
The community boards are divided into 4 sections: Ideas, The Making Process, The completed product and Idea Market. Users will first write down their ideas in the ‘Ideas’ board, where they can write down their ideas and receive feedback and engage in discussions with other users. If the users want to take it a step further, they can use the next board to record their progress and to obtain feedback. The completed product or service can be introduced into the third board and if they are interested to find a buyer for their goods, they can use the Idea Market. The flow of the website is neat and easy to understand.
RealWants was also one of the seven teams that made it to the finals of Mobile Startups Korea 2012, a mobile startup competition that attracted over 100 teams. During the finals held on 31st May 2012 in Plaza Hotel Seoul, there was a QnA session after each team’s presentation.
During RealWants’ presentation, the judges expressed their concern on the patent and ownership issues of the ideas and questioned the business model of the startup. Two possible revenue models are advertisements on their web platform or commission for each successful transaction of ideas or completed products. However, it is difficult to make revenue from a platform business right from the start and such businesses usually require a substantial amount of investment to keep it running.
It is interesting to see how RealWants will perform in the future and how they can find a place for themselves in the increasingly competitive startup environment in S. Korea.
RealWants – connecting the world with ideas. Visit their website here.