YouBeTheVC.com - Win 15,000 For Your Startup Idea

Bang Ventures, a New York-based investment firm, has created a contest for aspiring startup CEOs. The contest, called "You Be The VC", calls for candidates to submit applications detailing their plans for a new internet startup company. All submissions will be judged using the "wisdom of the crowds" philosophy, guaranteeing unbiased results. You may submit and many ideas as you like, until the deadline in December of this year. When voting begins in March 2008, site members will choose which idea they like the best, and the idea with the most votes will win. Prize money is US $15,000 toward your new business, plus relocation and living expenses (winners must temporarily relocate to Cambridge, MA, where Bang Ventures has a branch). Winners will have access to the Bang Venture support network, be granted access to company resources and materials, and will have the opportunity for more funding.

"Bang Ventures is making an open call for entrepreneurs to submit their ideas for new start-ups -- then we'll let the public decide on the next three companies we fund .after several rounds of tasks, analysis, and video pitches. That is You Be The VC in a nutshell.

Essentially the three selected companies get a company to run. Winners will get financing, programming/web development, expert mentoring, office space, legal, accounting, administrative and marketing support, as well as a $15,000 stipend to live and work in Cambridge.

In the process, a vibrant 24/7/365 community for entrepreneurs, investors, and those interested in the hottest new technology companies will be created at YouBeTheVC.com".

Unlike other current startup contests like IdeaBlob, You Be The VC offers more money, more resources, and more opportunities for aspiring CEOs. It seems a little more practical, too; Bang Ventures requires relocation to their Cambridge, MA office in order to better collaborate with them.

If you read the fine print, however, you'll see that unlike IdeaBlob, You Be The VC is actually not a contest that calls for votes from any site visitor. Rather, the voting "community" consists of handpicked professionals in the startup field. I feel this somewhat detracts from the "wisdom of the crowd" mentality that You Be The VC is advertising.