Speculative design work
Speculative design is a process where a company may ask a list of agencies and designers to 'pitch' ideas for a project - be it a website that the company needs designing or even print work. The list of design agencies or designers will then compete against one another to win a lucrative contract to design for the company. The company then shortlists the design agency or designer based upon the work they produce in the 'pitch'. Eventually, the winning design agency or designer will be offered a contract to complete the work for said project.