Russell sends in the analysis of Tim Drapers second "beauty contest" by the NYT:

Consequently, he tossed sharp-edged questions at the contestants whose presentations he found intriguing. But a sure signal that someone was about to get the gong could be spied beneath his desk - Mr. Draper's foot bobbed uncontrollably whenever he grew bored.

"That's terrific," he would say, cutting someone off. "Good luck with it." And then another face would pop up on the screen.

In May, Mr. Draper had invited entrepreneurs to post their ideas on his Web log. He offered no promise of money, only a chance to secure a few minutes with a bona fide top-drawer Silicon Valley venture capitalist.

Mr. Draper sponsored a similar contest last fall. That experience convinced him the event was something he should hold more often. Sure, there were a lot of "nutty ideas" among the 110 entries he had received by the first contest's cut-off date, Mr. Draper said, but he does not doubt it was worth the time and hassle. "