Octopus is a group of companies founded on the belief that being an entrepreneur can really make a difference. Right from the very early days, when the Octopus co-founders started the business in Chris Hulattâs living room, theyâve continued to champion the entrepreneurial spirit across numerous sectors, inspiring loyalty and devotion from customers, partners and employees.
Today, in Simonâs words, Octopus is âAn entrepreneurial company, run by entrepreneurs who want to see more entrepreneurs in the worldâ. Which is why weâre launching âOctopus Springboardâ, a new initiative aimed at helping Octopus employees become fully-fledged entrepreneurs.
Hereâs how it works
Over the next 12 months, Octopus will set aside a pot of money which will be made available to a handful of entrepreneurs who successfully pitch their new business ideas to us.
Octopus employees will get the chance to pitch to Simon, Chris, or any of the Octopus CEOs. If they think the concept has legs, the budding entrepreneur will get the chance to explain it to a broader group of people, including start-up experts from outside of Octopus.
Pitch time: what happens if they knock it out of the park?
If the pitch is successful, the entrepreneur will be granted a four-month sabbatical from their role to give them a chance to get the idea off the ground. Over the four months, Octopus will pay them an ‘entrepreneur’s salary. Weâll also give each entrepreneur enough working capital to help get the business up and running. In return, Octopus will take a small stake in the business.Â
Learning the life lessons that all entrepreneurs must face
Life as an entrepreneur isnât easy. If it was, everyone would be doing it. Running a start-up requires a very different mindset compared to working in an organisation. The risks of failure are far greater.
So, anyone who wants to become a successful entrepreneur needs to consider the âtrade-offâ between todayâs reward (as a salaried employee) and the future value of their business (equity). Many entrepreneurs have to put their business ambitions on hold simply because trying to survive for a few months without any salary coming in makes it impossible.
By offering a competitive salary, Octopus Springboard removes a large proportion of this risk. In the early days of any business, cash is unbelievably important. We want our entrepreneurs to make sure they spend all available cash (including their own), very carefully.
From employee to entrepreneur⌠but what then?
Once theyâve started their business, our entrepreneurs wonât be left on their own. Throughout their sabbatical, theyâll benefit from mentorship, networking introductions and guidance from Octopus people who know what it takes to build a business.
The crunch…
After four months, itâs decision time. Our entrepreneur panel will evaluate the progress made and determine whether their business is ready to take off.
If itâs not going to work out, the entrepreneur can return â older and wiser â to their old job. But if the business has a bright future, theyâll set off on an adventure with our blessing.
Plus, theyâll be able to use crowdfunding to pitch their concept to your ex-colleagues to see if any of them are brave enough to back them. After that, the world is their oysterâŚ
Weâre really excited about Octopus Springboard. We know from experience that many people have the âentrepreneurial itchâ, and this should be the catalyst. Weâre encouraging everyone at Octopus who has ever dreamed of taking the leap to get thinking and start putting their best ideas forward. Even if it doesnât lead to a new start-up being formed, it promises to be an amazing journey.
Octopus Springboard is only open to permanent employees of Octopus. But if youâre interested in working for a company that believes in backing budding entrepreneurs, perhaps itâs time to consider a career at Octopus.