The prize up for grabs depends on the number of visitors to the competition, with a target of 100,000 visitors for the top prize. If fewer entries are submitted, the prize fund reduces accordingly - for example £20,000 if there are 20,000 visitors. Each video will fall into one of five categories - music, comedy, dance, variety and street performance.

Visitors to the website are encouraged to 'rate', 'slate' and comment on videos, to help pick their their favourite ones and to determine the winner. Visitors can join as judges or as competitors. Regardless of their success in the competition, the website provides an alternative platform to Youtube for artists to share their videos with the public and receive direct feedback.

There will be two rounds - from 100 to 10, then from 10 to 1, with no celebrity judges or editorial picks. The first round, expected to start next month, will close at 7pm on February 1st 2009.  Following this bigger contest, it is hoped that monthly contests can be run regularly, offering smaller prizes to winners, culminating in a final next year. Both entry and voting are free.

Find out more in the article in the Evening Standard, or go directly to the 1Click2Fame website.