The best part of this idea is that they're starting a fund for Mailchimp API integration but not taking any equity.

Why is this cool?

Because most...no, all funds that I've seen take equity.

They're rewriting the rules of how a fund like this works and in return they'll receive more press and a greater benefit than they would if they ran it as a standard $1 million fund seeking small 1%-10% equity stakes in return for funding.

Mailchimp is the most innovative email marketing company I know.

The initiative is great, a much needed helping hand to a struggling start-up, but:

" By submitting your idea:

You grant us a non-exclusive, perpetual license to reproduce and publish internally all information and ideas included in your submission form.

Please be aware that we may be independently developing features that overlap with your submission. "

At least they are upfront with it :)

They arent taking any equity but the companies will use mailchimp which is a paid service. So either way, Mailchimp will probably get something out of it.

They are putting up $1 million. They are entitled to something out of it!

This is great move by Mailchimp. It's beneficial to the ecosystem (helping hackers to build stuff) and beneficial to them.

They are entitled indeed, but the article makes it sound like they won't make a cut out of it.

I read it more as "mutually beneficial".

they also have a free account, which is plenty for smaller uses.

but, i mean, the point of the competition is to integrate into their product. of course they're getting something out of it.

Welcome to the concept called "business"