CEO of 5 year-old company who raised $4mil enters pitch contests to win $15k

[bruceb]

Mastercard had pitch competition called Priceless Pitch at this weekend at the Mashable House in Austin / SXSW

From the site: How’s it work? Have your pitch for a new business idea, solution or product prepared and our bellhop will escort you into the Priceless Elevator. Once the door closes, you’ll have up to 60 seconds to pitch your idea for a chance at the grand prize of $15,000.

http://mashable.com/2015/03/11/priceless-pitch-brandspeak/

Now the spirit of the competition would seem to indicate that this was for new ideas or for younger startups who have not raised a ton of money.

So it is a little curious that they awarded it to Clearpath's CEO Felice Gorordo. https://twitter.com/MasterCard/status/577239944357289984

Clearpath is 5 years old and has raised 4 million and is looking to raise 3 million more. http://miamiherald.typepad.com/the-starting-gate/2014/01/clearpath-names-felice-gorordo-ceo-moving-hq-to-miami.html

Seems bad form to me but wanted to get HN comments

[amirmc]

This tells me it was a poorly organised competition to begin with. The blurb clearly indicates it's for new companies/ideas (for some definition of new). However, the eligibility criteria only states that you are a US (Mastercard?) cardholder (i.e. no restrictions).

I'm not much impressed with the judges either. How the fuck is a pitch for a new idea meant to compete with one that's already a going concern?

"sign up to pitch your new business idea" and "... on the final day (3/15), the best Priceless Pitch will be awarded a $15,000 grand prize to help bring the idea to life." [1] -- emphasis added.

[1] http://mashable.com/2015/03/14/priceless-pitch-mashable-hous...

[TamDenholm]

I think its less about the $15k and more about being able to say they got an award from Mastercard, publicity, networking with other businesses, which is always helpful.

Also, the CEO might just find these things fun.

[drum]

It's stated in the prompt that the pitch could be for a "new business idea, solution or product". That seems clearly inclusive of existing businesses regardless of age. i.e. A 5 year old business releasing a new product. Sounds like fair game to me.

[moubarak]

that means the business is still relevant. smart publicity by the CEO i say.

[CompassMD → moubarak]

Since the official rules apparently didn't preclude them from entering, I have to agree that it was smart.

[bruceb]

How old do you think a company would be to not be able to enter?

[jonathankoren → bruceb]

You probably shouldn't have raised $4 million. It's a bit like SF Giants entering a tee ball tournament isn't it?

[Iaks]

No.

[oxide → Iaks]

no what? no you don't agree, no you don't care? no its not in bad taste? give me something more than no.

[jonathankoren → oxide]

No. ;)