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Can I be Simon Cowell of the group?? 
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As soon as I read the idea, I was thinking that we should have a group assembled with some of the senior members here. They could serve as the judges and advisors to the participants.
As far as financing goes, I think that could be used as an advantage to the "show". The participants could use their creativity to try and FIND funding for their projects.
Are people going to be collaboratively working on one project, or will each person be working on different, individual projects?