PITCHFest: Five hand-picked applicants will present a five minute summary of their business idea that will “enhance the value of parked or developed domain names by driving increased traffic and/or revenue.” Presenters will speak to a panel of judges, as well as the DomainFest audience. The winner will receive a trophy.
LAUNCHFest: Prior to the conference, applicants can choose one of ten domain names (owned by sister company Portfolio Brains, LLC), and five selected applicants will present a business plan to judges describing how they will build a business on that domain name. The judges will select a winner based on the following: creativity, viability, originality, and revenue potential.
The winner will have the opportunity to develop their business on the domain name “subject to a pre-determined lease arrangement.” Oversee.net will waive the first year of lease payments and the winner will have the right to lease the domain name for five years, after which the winner can buy it.
I like how PitchFest is structured. It’s a five minute pitch for five newly launched (I assume) companies, and hopefully there will be some innovative presenters. However, I think LaunchFest is a fantastic idea – for Oversee. Firstly, while Planners.com is a very good domain name that sold for $12,000 in 2004, I think the others are mostly average domain names and don’t see a home run in the list. Below are the list of names they are allowing applicants to choose from, along with the purchase price:
- Planners.com $125,000
- AdvertiseHere.com $125,000
- StartABusiness.com $75,000
- GoOut.com $75,000
- RealEstateNetwork.com $50,000
- BoostSales.com $50,000
- SiteFinder.com $25,000
- WebIncentives.com $25,000
- AnythingForSale.com $10,000
- DailyPicks.com $10,000
Not only is Oversee.net going to get an annual lease deal (after the first year free), which will presumably generate more revenue than the parked name makes now, but they are going to have someone build these brands for them. If the brand fails and the site goes out of business, it will end up driving more revenue back to the parked page from the previous development (and Oversee wins). If the site is a success and the owner wants to buy it, Oversee will earn money on the lease and/or get their desired sales price in 5 years or less (and Oversee wins again).
If we were talking about out of the park home run names that wouldn’t be for sale under normal circumstances (like RealEstate.com or GiftBaskets.com), then it’s a great opportunity. However, I don’t think these names are that special. In the end, the winner is Oversee.net rather than the applicants, in my opinion. Perhaps a cash reward for development, scrapping the annual lease agreement, or adding better domain names from which to choose would make this a winning idea.
What do you think?