You have to give up all rights and derivative rights? Riiiiiighhhhht. Okay. So this thing I've built I'll just sign it away to you for a 'chance' of a prize?
Just for advertising purposes. So they can use your art work for promotion of contest
Yeah, they updated their rules page in the last hour.
The top prize is an "investment", but it doesn't disclose how much equity you have to give up.
It seems they put you in contact with a VC and you have to negotiate with them. It's not as good as a direct 150k$ but I guess it can also be helpful for an indie starting company.