I will publish here on the blog the full specifications for the Joomla component that you, and your team, will need to produce. There are no pre-entry requirements or notification required. Just download the specification and get coding.
I have already decided on the scope of the component that you will need to create and it has deliberately been chosen as I do not believe an extension currently exists that satisfies the requirements.
It is also an extension that I have been asked for on a fairly regular basis so by the end of the Showdown we, the Joomla community, should have several extensions to chose from on our own sites.