@ d-flux: With respect, I think you’ve missed the point. It’s not that $20K isn’t generous if you win - I agree that it is - it’s that LG gets the exclusive rights to all designs that are entered. So let’s say you come up with something new and revolutionary that LG want to patent and exploit. They don’t award you a prize, because that would publicise your idea and, in some countries, invalidate the patent. But they do prevent you from showing it in your portfolio, from making any claim for compensation, and even from being acknowledged as the designer/inventor.
I’m not saying that LG would act in this way, but by accepting the terms and conditions you give them permission to do so.