If you are subscribed to Salesforce.com’s developer newsletter then this isn’t news to you. If not, then maybe you will find this interesting. This is out of their March 2008 newsletter.

Emergence Capital Partners, a Silicon Valley venture capital firm, are launching a competition called “Force.com Million Dollar Challenge”. The competition pits Salesforce.com ISVs against each other and awards the winner $1 million in funding. The winning criteria, in short, is to create an oustanding Force.com application. The actual list is obviously much longer and evaluates items like Management team, likelihood of long-term success, customer feedback, etc.

The winner will also get a cubicle at the Salesforce.com incubator for a year. Runners up will also get prizes such as consulting time from Force.com technical experts, and of course bragging rights too.

The first step is to pre-register. By pre-registering you will get the latest news about the competition and also be eligible to be enrolled in the competition. When you are ready to be formally enrolled in the competition sign-up here.