TechStars, an investment and mentorship program for businesses in the seed stage, has announced a “bracket style” tournament to find the next big thing.

In order to quality for the bracket, your startup must meet the following requirements:

* Haven’t raised funding of $250,000 or more and haven’t generated revenue of more than $250,000 in a single year.
* Have a live, usable public site or an accessible demo on their home page
* Have not already been in the TechStars program – this is not for TechStars companies or alumni companies
* Must be an internet, software, or hi-tech company

You can nominate a startup now or simply tweet as follows:

“Hey @TechStars, I nominate @ENTRANT for the @StartupMadness Tournament”

The Tournament winner will receive over $25,000 in valuable prizes, including:

* $12,000 in Rackspace hosting credits
* $5,000 in advertising on Seattle 2.0 web site
* 1 year of SendGrid Platinum, worth $4,799
* 1 year supply of Perky Jerky, worth $1,728
* 1 year of the MogoTest team plan, worth $1,500
* 1 year of AgileZen unlimited, worth $1,188
* Foodzie tasting box 6-month membership, $100

All nominations must be received by Wednesday, March 9th to qualify.