Not at all dopey. It is a Twitter event held 4 times a year in which unrepresented authors can pitch their unpublished work to agents and publishers directly. Within certain hours you can tweet 3 times about your book. If an agent or a publisher 'hearts' your tweet, you have the right to submit to them and bypass the slush pile
There is also something called the Pitchwars which is sort of the same but designed for authors to find mentors, I believe. #PitMad | Pitch Wars
I did #pitmad once last year and got a like from a publisher, but I wasn't really ready, so didn't send my WIP to them. Ideally, your manuscript should be ready to go.
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