What I especially love about this competition is that you upload your entry directly to their website, I have really enjoyed browsing the entries this morning. This is crowdsourcing at its best, because you can be a judge and vote for the winner!
It's also pretty different in that Steve Madden chooses the 'kits' that you can work on. Kit is what we call the last and outsole - us fashion footwear designers usdually choose from existing kit in the factory, mostly because developing your own 'kit' is expensive, so if you enter this competition, it gives you a little flavour of how a commercial designer might have to work, with existing kits and a swatch book. You have to learn to be creative within these design constraints.
Link to enter is here http://www.zappos.com/sole-search
The first prize is a trip to Las Vegas and New York where you get to pitch your design to Steve Madden himself!