Contest targets school children for next gaming icon

Yes, I'm definitely cynical of a contest that, promoted in schools no less, has kids (11-16) designing videogame characters for a chance to be featured at the Game Stars Live consumer show in London.  Sure, it may challenge their creative skills, but don't you just picture a bunch of industry CEOs having some closed-door, bidding war over little Renata Abdullah's "Dipuc" (see article)?  Where do we draw the line here???  Kids shouldn't be getting free Nintendos for their work on a "school project".  But what do you think?  We're looking for your honest opinion.