The Imagine Cup is a worldwide Microsoft competition – the largest technology competition for students: www.imaginecup.com/#?fbid=Y47w2pH7oCU.
Students register, then form teams to compete in 3 competitions. The UK winners go to Seattle for the worldwide finals, and get the chance to win $50,000 (US).
The winners for 2013 Innovation competition were SoundSynk, from the UK Uni of Exeter. They have gone on to the Microsoft Accelerator programme and are creating a very successful business from the competition.