Editor’s note: This is a sponsored post in co-operation with Elance

Entrepreneurs and startups from the seven corners of the world will be competing for a grand prize in a competition hosted by freelancing platform Elance. The Big Idea competition is currently open for contestants, with the only requirement being an Elance account.

Participants need to come up with and elaborate plan to grow their business in the case they were given €2500 in Elance credits. The Elance credits should be used to hire freelance workers that would aid the participant in their business idea.

Submission can be entered until 7th of January next year, after which a board of Elance judges will hand pick 5 semifinalists to compete in local competitions held in each of the seven locations. Semifinalists will be given €2500 and they will have time until the 30th of January to put their original plan into action, after which the 8 finalists will be chosen. The winners of each part of the competition will be chosen based on the creativity, originality and usability of their entries.

There’s only room for one winner though. The grand jury will announce their final decision on the 6th of February from the Google Hangout. This means great news for grand prize winner who will receive €10 000 and a meeting with a top VC, and bad news for those 7 others who came so close yet so far from victory.

Not to worry though, the competition is bound to be a true experience for those who participate so in this sense, there are no losers.

Competition seems to be the word of the year in Elance’s dictionary. They recently announced their merger with their previous nemesis oDesk, which mean of a lot of less competition for the two. What better way to celebrate this than to create a grand competition? Well, at least they have a healthy sense of humor.

But seriously, if you are an entrepreneur with big ideas, you should definitely go and check out the Big Idea competition.