On your marks, get set... Wait, did you geocode your marks? I hope so, because you only have the next week to enter the Location Wild Competition from NakdReality and SimpleGeo. The winner gets $2,500 and an iPad for creating the "most interesting location-based app."
Perhaps the guidelines are intentionally vague because both NakdReality and SimpleGeo are platforms to store location data. There are unlimited types of apps that could be built. After all, location data is all around us.
Or, perhaps more details will be available when the full rules are unveiled on Saturday. The contest is strictly one week long, down to the minute.
One thing the contest makes very clear: whatever you create is owned by you. That may seem obvious, but some contests have less favorable terms for developers. A recent financial mobile app contest from Reuters originally planned to transfer intellectual property from winners. It later removed that requirement.