Their campaign is well-supported with private and public sector sponsors, and seeks to attract entries from startups with sales under $2 million. They're offering a range of prizes for winners, including seed capital, incubator space and professional services. Applications can be taken up til March 30, judging runs the first two weeks of April, and the pitch-off to produce the winners is on May 6.
Sounds like a good idea to me, but I'm not a startup, so I'll just put this out there for my followers. If you fit the bill and could use some industry cred, here's where you need to go next.