Wow...I never knew about the part "as a business with less than $10M in revenues or $10M VC funding". Now it sounds like the contest is only a PR exercise. Not that it is surprising though.
I didn't want my own words to be the only source for this claim, so above is a cut'n'paste from the rulebook.
But still, LabSlice (and I believe one or two others) aren't near these figures and did get some sort of nomination.