It's a global year-long initiative sponsored by Intel intended to help the evolution of wearables. It's aimed at students, designers, engineers, and makers in general, and the prize is a boost to developing your ideas - an injection of cash and startup know-how.
Specifically, finalists each receive $50,000 funding and enter an "intensive incubation process", which includes virtual Lean Startup education from UC Berkeley
There's two ways to get involved: "Visionary" and "Development" tracks.
The VISIONARY track is open to futuristic ideas with no boundaries. It features 5 stand-alone rounds. In each round, all complete submissions will be evaluated, a top 5 will be selected, and then a winner announced. Finalists will gain recognition for compelling concepts.
The DEVELOPMENT track focuses on concepts that are both excitingly innovative and feasible to execute. This track features 3 rounds. All submissions will be evaluated in round 1 (idea proposal submission), 40 will advance to round 2 (semi-finals), 10 will advance to round 3 (finals), and 3 winners will be chosen. Semifinalists and finalists will gain expert support and education aimed at evolving their proposals into fully developed designs and business plans.
Registration for the Visionary track has already opened, and reg for the Development track opens "Summer 2014".
What counts as "wearable" exactly? Anything that can be worn, implanted, or grown says Intel.
Or you can read the full details of the competition on the Intel webste - makeit.intel.com/