We introduce a reduced basis approach as a new paradigm for modeling, representing and searching for gravitational waves. We construct waveform catalogs for nonspinning compact binary coalescences, and we find that for accuracies of 99% and 99.999% the method generates a factor of about 10-10(5) fewer templates than standard placement methods. The continuum of gravitational waves can be represented by a finite and comparatively compact basis. The method is robust under variations in the noise of detectors, implying that only a single catalog needs to be generated.