College students in the Boston area have probably sign the posters around their campuses. Bang Ventures, a venture capital firm in Cambridge, MA, are running a competition titled “You Be the VC” with the promise of potentially starting your own company. The cool thing about the competition is the process of choosing the winning business - it’s voted on by your peers.
Here are some more details from their website:

What are the steps to the contest?
First, fill out the application. Again, really give it some thought. You can certainly change it and work on it at various times over the next few months, but really think about the questions and your answers carefully.
Applications are reviewed by our judges and the number of contestants is cut down to 100.
There will then be two further cuts, both of which will require additional work by the contestants.
After all of that, the field will be down to the top 20. These finalists will film a short elevator pitch. The videos will be posted and registered users to the site can vote for their favorites. The top three vote getters get to be CEO of their own start-up idea.
What do I win?
The 3 companies with the most votes will basically get a turnkey start-up company to be CEO of. Their entire idea will be fleshed out with business incubator services including:
1. Business Location (office space)
2. Programming and web development
3. Administrative support
4. IT
5. Legal counsel
6. Accounting support
7. Tax services
8. Consulting services
9. Seed venture funding
10. Stipend to live and work in the Boston, MA area during the summer of 2008
How do I enter?
It’s hassle free. Create your profile and fill out the application with your company idea.
Now you may want to take some time, work the idea out, change it, bounce ideas around, and perhaps work it through a business class or network you belong to. Changes can be made right up until the close date in February.
You also may want to add information to your profile that gives folks an idea of what you are like as well. Let me be honest, investors bet on two legged animals. A “B-” idea with a “A+” team is a better bet than a “B-” team with an A+” idea.
For more information, check out their FAQ’s section
Aside from the potential to win funding for a business idea, YouBeTheVC is also a community for entrepreneurs and those interested in startup companies. Just signing up as a community member and voter will provide a valuable function for the site - the competition would not run very smoothly without the judges.