OctoTank Pitch Competition

What: Contest giveaway with $1,000 seed money to best business idea submitted by Play Octopus driver
When: 9/10/2021 – 9/26/2021
Where: Play Octopus Facebook Group & Your Email Inbox!

How:

Do you have a great business idea that you have been kicking around for a while? Have you invented a product and all you need is some cash to get it going? Is there a service you already provide that you want to turn into a real operation? Whatever it is, you know it can be a huge hit, but you just need a little help, guidance, and definitely cash!

This is your chance to get some serious funds to actually put towards your own passion with assistance from our amazing team at Octopus! Introducing:

OctoTank Pitch Competition 2021

We will be giving one Octopus driver $1,000 CASH & professional guidance to use toward a project of your choosing! But first you must convince our expert panel that your idea is the best one to become a profitable business. Can you turn this $1,000 investment into $10,000?!

You do not need to invent the next Facebook or come up with a brand new, never-before-seen world-changing product to win. This can be about any business or passion project that you feel you can convincingly turn into a profitable endeavor. You just need to be passionate, knowledgeable, motivated, and articulative of why your idea should be the one chosen (based on a set of criteria and contest rules).

Remember that turning great ideas into an actual viable business strategy requires time, effort, planning, and energy. If you wish to seriously be considered as a finalist, our expectation is that you take this process seriously. It is essential that you meet all deadlines and follow all the rules; your final submission should be something that you are proud of. 

We cannot wait to see all of your exciting entries. Good luck!

Contest Details & Rules: OctoTank Pitch Competition

Official Entry Form: https://forms.gle/xqNWM4c3Qk46iQEFA 

Deadline: 9/26/2021

Winner Announced: 9/30/2021

The Details

Contest Period

Deadline for entry: 9/26/2021

Grand Prize Winner announcement date: 9/30/2021

Selection

The Winner will be chosen by a panel of expert judges using strict criteria for adherence to entry, application, and deadline rules and instructions. READ EVERYTHING BEFORE BEGINNING ANYTHING! 

Prizes

GRAND PRIZE WINNER: 

  • $1,000 direct deposit in seed money toward business idea
  • A private one-on-one Zoom call with Octopus senior staff to discuss your idea and provide strategic advice

Eligibility 

  • Entrant must [currently] maintain & retain “Active Good Standing” status as an Octopus driver partner during Contest Period
  • Entrant must be legally eligible to work in the U.S. & complete a W-9 tax form
  • No Octopus employees, relatives, friends, associates, affiliates, etc. are eligible for entry
  • Pitch ideas related to the following will be excluded from consideration: 
    • adult entertainment, 
    • tobacco, 
    • arms, 
    • pharma, 
    • political topics, 
    • personal financial troubles, 
    • religious missions,
    • gambling, 
    • direct fundraiser,
    • illicit or illegal substances, 
    • MLM organizations, 
    • stock market investing,

Judging Criteria 

An executive panel of judges will review and assess all pitch submissions based on the official rules and following criteria. Please remember to consider all of this information when formulating your pitch presentation: 

  • Your pitch (60% weight): 
    • Which company/product/idea/service has the most compelling concept for how they would use the $1,000 Grand Prize? 
    • Who is most convincing that they can turn that winning money into a profitable business/venture? 
    • Does the entrant have industry knowledge and experience that the business will operate? Is there a clear plan for long term success?
    • Are the application questions coherently and thoroughly expressed? Is there a well planned thought process to creating success using the Grand Prize? 
  • Your plan (20% weight): 
    • What “need” will the company/product/idea/service effectively solve?
    • Is the plan for making money feasible? 
    • If necessary to the success of the company/product/idea/service, how customer focused is the company/product/idea/service?
    • Will the company/product/idea/service be poised to be a competitive business with the best of the industry the company/product/idea/service operates in? 
    • How is this company/product/idea/service different than that of [any] competitors?
    • Is there a plan/need for marketing? If so, how big is the target market?
  • Your story (20% weight): 
    • Which individual has best communicated their story regarding why they decided to pursue this company/product/idea/service?
    • What level of passion does the pitch idea owner display for the company/product/idea/service?
    • How seriously does the panel of judges believe the Grand Prize will be effectively utilized by the Winner towards the success of the company/product/idea/service? 

Official Rules 

  • Ideas can be conceptual, in development, or in the early stages of operation. Ideas can include a hobby, art project, team sport, etc. Ideas may have a social purpose. However, all ideas must have a for-profit model to be eligible.
  • All Octopus driver partners currently “Active” and tablet activity level “Good Standing” are eligible to apply.
  • In order to be considered for the OctoTank Pitch Competition, you must submit your application by 11:59pm ET on September 26, 2021. If you are selected as a finalist, you may be subject to a standard background check.
  • You may only submit one idea. All applications must be submitted by filling out the online entry form. Before final selections, you may be contacted by the selection panel to answer/explain your pitch in more detail. You may not take someone else’s idea and submit it as your own. Ideas must be submitted individually. 
  • To make it to the final stage of consideration, you must develop a well-written and strategically formulated plan. Remember, the judges panel is composed of professional individuals with years of experience starting, building, financing, and managing firms & businesses, so prepare properly and take it seriously. They certainly will be. 
  • During the Contest Period, fill out the Play Octopus Pitch Competition entry form here, the “Contest Webpage” with all requested information needed.
  • Limit One (1) Entry per person, per company, per tablet number, and per email address during the Contest Period, regardless of whether a person has more than one address or more than one person uses the same address. If multiple entries are received, only the first entry received will be considered for entry. 

Winner Selection 

  • Grand Prize winner will be selected based on stated criteria by a panel of Octopus experts employed at Octopus Interactive, Inc. Finalists may be required to [re]submit additional details, information, and/or materials for consideration. 
  • The Contest Winner (“Winner”) will be announced on the Octopus Drivers Facebook group via FB Live. All decision matters relating to the Contest shall be final. In the event that a potential winner is disqualified for any reason, Octopus may, in its sole discretion, award the applicable prize to an alternate winner selected by the panel of judges.

FAQ

What kind of ideas are you looking for?

Anything! But that does not mean you need to think of the next version of Facebook or change the world with your idea. Just think of a way and explain how if you won $1,000 you would work to make it become $10,000. Stick with what you are knowledgeable and passionate about. (ex. perhaps there is a hobby that you enjoy doing and would now like to take to the next level.) Ideally, it is a simple, scalable concept that you can grow with additional resources. Therefore, using businesses that already exist are eligible for entry consideration, provided the entrant owns the business (with proof provided) and can explain how the Grand Prize winnings will be appropriately and uniquely utilized for within the existing business model. This contest is about Octopus helping a motivated individual realize their dream of succeeding by providing seed funding and professional guidance toward the betterment of a company/product/idea/service. 

Who will evaluate the applications and select the Grand Prize winner?

A panel of expert professionals will evaluate the business ideas individually and collectively. 

What happens if my idea is selected as a finalist?

If you are selected, Play Octopus will schedule a time to speak with you to request any additional material and confirm any necessary pitch details. 

How much time will it take for me to work on this? 

How much time you decide to spend on developing your idea is up to you. Just remember that turning great ideas into a viable business strategy requires time, effort, and energy. It is essential that you meet all deadlines. If you wish to seriously be considered as a finalist, our expectation is that you take this process seriously.

When will the award money be distributed?

Winners will receive the prize no more than 2 weeks following the end of the Contest Period. 

Contact

If you have any questions related to the application process please do not hesitate to contact us at contact@playoctopus.com. Do not wait until the last minute to work on and submit your idea!

Approximate Retail Value (ARV) of all Contest prizes: $1,000 USD. Overall odds of winning depend on number of entries received during the Contest Period. No prize substitution or cash equivalent of prizes. No prize transfer. 

CONDITIONS: Octopus reserves the right, at its sole discretion, to cancel, terminate, modify or suspend the Contest (or portion thereof). Octopus also reserves the right at its sole discretion to disqualify the Entry of any individual. All federal, state and local taxes on prize and any expenses not specified herein are the sole responsibility of Winner. Should a dispute arise regarding the identity of the claimant, Octopus reserves the sole right to determine the eligible party. BY ENTERING, EACH ENTRANT WAIVES ALL RIGHTS TO BRING (AND COVENANTS NOT TO BRING) ANY CLAIM AGAINST OCTOPUS OR ANY OTHERS ASSOCIATED WITH THIS CONTEST. ENTRANTS FURTHER AGREE TO RELEASE AND HOLD HARMLESS OCTOPUS FROM ANY AND ALL LIABILITY ARISING FROM THEIR PARTICIPATION IN THE CONTEST, OR OCTOPUS’ USE OF ANY ENTRY INFORMATION. Any disputes that may arise hereunder shall be governed in all respects by the laws of the State of Maryland without regard to the conflicts of laws principles of any jurisdiction. Venue with respect to any such disputes shall be had in the state and federal courts of the State of Maryland.

PUBLICITY AND RELEASE.  As a condition of entry into the Contest, except where prohibited by law, each entrant and each Winner by accepting a prize grants to Octopus, all right, title and interest in to publicize, broadcast, display and/or otherwise use the Contest entrant’s name, city, state, and biographical material, as well as their company’s name, logo, company description, and photos and content from the pitch competition (collectively, “Licensed Rights”) in any media for advertising and publicity purposes, without additional review, compensation, or approval of the winner. If Winner does not respond to notification, or is not present when prize delivery is attempted, such prize will be forfeited. By participating, entrants agree to be bound by the Official Rules and the decisions of the judges, which are final and binding in all respects.

SPONSOR: Octopus Interactive, Inc. 4550 Montgomery Ave. Suite 215N, Bethesda, MD 20814