moThe Android Developer Challenge will award $10 million to developers who build great apps for Android.
How It Works:
The award money will be distributed equally between two Android Developer Challenges:
Android Developer Challenge I: We will accept submissions from January 2 through March 3, 2008
Android Developer Challenge II: This part will launch after the first handsets built on the platform become available in the second half of 2008
In the Android Developer Challenge I, the 50 most promising entries received by March 3 will each receive a $25,000 award to fund further development. Those selected will then be eligible for even greater recognition via ten $275,000 awards and ten $100,000 awards.
See the youtube video by Sergey Brin and Steve Horowitz:

