Maybe because it's in Illinois? I just happened across it following links from the 5 posts jtame just put up.
I was involved in this competition, although I got accepted to interview with them, I wasn't accepted for the summer.
I got sidetracked with a fairly crazy idea and went out on a whim. I should have done something closer to my own expertise, and didn't build a prototype. Very difficult to pitch without a prototype.
My actual interview was a disaster. I had 3 backups of the PowerPoint, but they were all old copies (LOL). I had to give the presentation from Contingency Plan #4, hand-outs ;)
http://www.iventures10.com/funding.html
The deadline was in Feb though. How can I have never heard of this? Did they even go ahead with this thing, or did they build the site and then change their minds?