The entry period seems too short to come up with something really good - you would almost have to have made the game previously to enter this competition. So it isn't "make a game and get the money" it's "enter your awesome finished game that's been sitting around for awhile and get the money".
Well, that's also sort of how the IGF does it, but the IGF is different because its more of a judging and awards show rather than a grand prize competition.
It looks like these guys are wanting to publish an indie game that's already out and get the money quick. That's what it seems like to me. They want to find a self-published indie game that's not doing so well (but is a great game) and publish it for the money while shoveling a small fraction of the earnings (100k) to the creator in advance.
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