Hoiio Technopreneurship Challenge just wants cheap coders?

While its pretty obvious and common to see companies come to schools on the pretext of holding competitions to get students to solve business problems (branding, outreach, marketing.. etc) for them, this one feels like attempt to acquire code on the cheap.

Really have to read the Terms and Conditions carefully these days:

Excerpts (bold for emphasis) :

3.2 All intellectual property rights, if any, in the idea or concept demonstrated by the Solution will remain with the Sponsor. By entering this Contest and, specifically, by accepting any prize in connection with this Contest, each participating team agrees to grants to the Sponsor a royalty free, exclusive license in respect of all such intellectual property rights, if any, for the purposes of commercial exploitation of the idea or concept demonstrated by the Solution. By entering this Contest, each participating team grants to the Sponsor an option to exclusively license such intellectual property, if any, for the period of one (1) year following conclusion of the Contest, for the purposes of commercial exploitation of the idea or concept demonstrated by the Solution on detailed terms (to include any applicable royalties) to be agreed between the participating team and the Sponsor.

Simply -Winning solutions to become free for company to exploit (only if you take the prize... aha!) . Others are optional.