While some are creating concept phones for fun, other might be drooling at the idea of actually getting something for their innovative designs. LG answers this hobby and passion with a brand new phone design competition, in partnership with CrowdSPRING and Autodesk. The competition took off on March 15th and it’ll end on April 26, 2010.

For those interested in the challenge, $80,000 in prizes will be available, with 40 winners getting something thanks to this competition. The first place winner will receive $20,000 and a Wacom Intuos4 media tablet, plus Autodesk industrial design software. The second place winner will get $10,000 and Autodesk SketchBook Pro and the third placed participant will get $5,000, plus the same software as the previous winner.

37 honorable mentions of $1,000 each will be awarded as well and you have to know that the entrants in this competition have to be 18 years old and US residents. All participants will be able to use Autodesk’s free 15 day trial version of SketchBookPro, an app used to paint, draw and design. Extra details are available here.

[via Concept Phones]