MySpace is putting some serious cash ($50,000) behind a new developer challenge announced on their developer website.  They are challenging developers to create the next great applications on the MySpace Developer Platform

Of course, I’ve been experimenting with the platform with Silverlight (see the Silverlight Kit for MySpace) and I’m excited to see some new APIs like Photo Uploading that could mesh well with some upcoming Silverlight 4 features.

In a related development, MySpace has also partnered with Microsoft and become a BizSpark Network Partner so that they can offer Microsoft server software,  developer tools, and designer tools to the startups in their developer community at no initial cost ($100 when they leave the program).  See them in the network partner directory.

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So now go out and build the next new MySpace application and win some great startup funding!