My biggest issue is that they are claiming all rights and IP for ALL entries submitted for the contest. Not to mention the contest is specific in its direction towards LG’s future mobile platforms. Its not like Bombay holding a martini glass comp.
It is a tough environment out there for many out of work designers and recent grads. This, unfortunately will probably increase the participation, a opportunity which I am sure is not lost on the contest holders.
It is the definition of abusing the dynamics of spec work under the guise of a competition. Core77 shouldn’t be supporting this, they should be condemning it.