hmmm. the link inside this article to the rules is not up yet. Is this a $75k investment or free money? If it's an investment, then this is totally bogus.
It's even worse than it first appeared.
$25k of the prize is composed of "in-kind development support from one of our software development partners".
The remaining $50k, the cash amount, is just a max upper limit amount ("Up to $50k in seed capital"), so who knows what the winners will actually get for the 5-10%.