The contest is held in two separate parts with a weeding out process. Part 1: In 150 words or less you send out a synopsis of your story with the first paragraph or so. You can divide the 150 words anyway you want. Part 2: If your synopsis/story beginning makes the next cut then you have another month to send them your entire story to be entered into the final contest.
A lot of writing contests are pay-to-enter, but this one was free. When I heard about the contest I was immediately interested, and over the next day or two I contemplated entering but had nothing prepared that wasn't already sent out (save for the 4 stories completed that are still missing in the house somewhere). The deadline for the first part of the contest was June 30. I decided I was going to come up with a synopsis of a story that I had never written and the first one or two paragraphs and submit them, which I did.
Submitting into the first part of the contest puts me in an awkward position if accepted because I have no actual story yet, but it's a challenge and one that I'm not scared of. If it's not accepted it's really no big deal, as I really enjoy the synopsis and plan on finishing it regardless of my success in the contest.
Here's hoping my idea is not viewed as a weed but kept around for the next round to establish some healthy roots. I'm prepared to starting watering it if given the okay.