1) The initial idea.
2) The design/look of the meme
3) The coding
4) The hosting
Given the number of programmers and inventive people on lj I'm surprised there aren't far more cool memes. I think the main reason for this is that it's uncommon for there to be someone who can do all four.
Hence I propose to tackle this in the following way, I'd like to promote this community as a place where people who can provide any of these things to meet each other.
With regards to the fourth, I'm planning to obtain commercial hosting for my own memes which I hope will be self-funding by adverts (any excess profits generated by ads will be donated to charities/non-profits). Once it's up and running I'll be happy to host memes for other people too, a side advantage of this will be that lots of different memes can share cached data speeding up everyones memes and reducing the load on lj.
What do people think ?