Let's be clear about one thing: all businesses, even startups, are supposed to generate
profits. That competition already exists.
So, on it's face, this is a terrible idea. But not hopeless. Maybe it can be turned into a serviceable one if we turn the premise on it's head. Let's instead consider the question: What business activity would benefit from an intense competition conducted over a short duration?
Of the top of my head, what comes to mind is something like a product/service launch marketing campaign. Or perhaps something that has a defined expiration date, like event promotion.
Hmm... the way it could work is that the company whose business it is to adjudicate would solicit Customers requiring the marketing/promotion services. A Customer would be able to specify the rules, duration, judgement criteria and awards. Then the Adjudicator would open the solicitation to the public, and manage the resulting competition on behalf of the Customer.
Marketing/PR/promo companies would come to the Adjudicator's site to view the various Customers solicitations. They can then choose to respond to a solicitation as a Competitor.
That's kind of interesting, at least to me. Similar to another startup I worked on a few years back. So, what would the entrepreneurs setting up the Adjudicator need to do? Setting up a site to enable Customers to enter the actual competition criteria is trivial. There would be two big challenges.
One relates to verifying results. How would one accurately measure the key criteria of the competitions as specified by the Customer (eyeball views/tickets sold/etc), and corresponds them to the correct Competitor? Tricky, but solvable. I have some notions about that. You can probably think of a few ways.
The second has to do with creating lightweight, but binding, legal frameworks to protect the Customers', Competitors', and Adjudicator's interests. Non-trivial, but also solvable.
So, not necessarily a great idea, but definitely better than the original premise.
Thoughts? Ways to improve this idea? Or create a competition out of some other outsource-able business activity that customers would pay for?