Citysearch, IAC Looks To Contest For Business Ideas

West Hollywood-based Citysearch, the local reviews and directory service of IAC, has taken an unusual approach to finding its next business idea: it's running a contest which asks its users to submit a "brilliant" idea for web and mobile applications. According to Citysearch and IAC, the firms will award $10,000 in cash, and up to $1M in funding to develop and manage a new business venture around the idea, for users who submit the best business idea to go with its website The firms--calling it the "Right Here Right now" challenge--said the winner will be selected by a panel of judges, and that the winnings include an equity stake in the new venture. The companies said the deadline for entries is July 17th.