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If you’re an entrepreneur, and creating your own startup, you might want to take a look at name this. Namethis lets you get help for your naming needs. And it rewards people who help you with the name through monetary rewards, making it quiet an interesting community.

Here’s how it works:

1. Someone posts a product or service in need of a name
2. Our members go to work, suggesting names and/or investing points in their favorites
3. After 48 hours of brainstorming, our system does some fancy math and crowns the winners
4. We take $80 out of each naming fee and distribute it to the members who create/influence the top three..1st Place:
   $40 to Namer, $10 Shared Amongst Influencers

   2nd Place:
   $16 to Namer, $4 Shared Amongst Influencers

   3rd Place:
   $8 to Namer, $2 Shared Amongst Influencers

This is a wonderful idea to save you on the time and money needed to find a great name to market your product or startup. You can name a project, and then invest ‘watts’, so that if that name gets selected, you as an influencer will be rewarded as well. And if your name gets selected then you’ll get heavily rewarded. There’s a naming fee charged to the person who comes looking for a name for his product which is $ 99 as shown on the website.

Namethis is based on the crowd sourcing concept, that pits ideas and people against each other through a real-world group decision-making system, which takes into account individual influence and participation. The best thing about this concept is the rewards that they give out, which means that people would strive and think to come up with the best names, so the product manager would benefit from this as well as the namers. This actually results in a win win situation for everyone.

A thing we’d  like to point out in Namethis, is the lack of a help page, and clear instructions. Nowhere could we find what watts are. A FAQ is clearly missing. The navigation can also be greatly improved. The UI that you see on the Namethis home page is very different than the one you’ll come across in the dashboard, which makes them both seem like different websites altogether. We love the news ticker like scrolling bar at the bottom of the name this page, but it’ll be great if made a standard on every page of Namethis, to keep people updated on the naming progress of any particular project as long as they’re on the website.

Looks apart, we think this is a knock out concept and bound to go miles. Give it a try, and you might earn something through your creativity, or you could find a product name within 48 hours.