How much attention to you pay to the prize of a competition? Are you the 'enter anything' competition and think that if you don't like the prize then you can sell it on e-bay. Or do you carefully read what all the prizes are (including runner up prizes) and only enter if you really want it.
But what about the current Firebox competition to win 50% of the profits from a new product. You have to design it and Firebox will choose the best idea, make it and give you 50% of their profit. Ideas for good selling products are hard to find. I know that actually getting something to market does take a lot of effort but it is the (good) ideas that are hard to find. The winner will also probably wait sometime for their prize. How long will it take to get the product on the website, and how much longer before they start making a profit - possibly never. I know that Firebox are a well known site but how will they define 'profit'. On the other hand I do see that they are already selling last year's winner. Would you spend your time on inventing something with so vague an outcome? Though at least it isn't a voting competition.
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