Citysearch bought competitor Sidewalk from Microsoft in 1999 for roughly $240 million. Microsoft later regretted selling the property — and probably really regrets it now. Anyway, Sidewalk has been dormant for a long time. Now as Citysearch and IAC build out their distribution and network further they’re doing something really smart, creating a contest for others to develop the domain:
Citysearch is holding a nationwide contest challenging developers to create a new local guide application for the Sidewalk.com domain. The winner will receive $10,000 and the opportunity to develop and manage a new business venture with possibly funding of up to 1M.
If you are a semi-finalist, you will receive a link to download the developer kit so you can start building your prototype
Once you have a working version, you will be asked to submit a video of yourself demonstrating a semi-working prototype for consideration to the next round. (link to upload site)
Finalists will be notified via email and/or Phone on August 17th if you have made it to final round
This is a genius idea and may result in some really creative and inventive things that would not have been developed internally.