BloggersCompete.com is a new start-up company where bloggers can compete with other bloggers and gives advertisers a means to encourage a crowd of bloggers to blog about a topic of choice.

Advertisers also receive a link back to their URL and the opportunity to have their message spread over powerful social networks such as Facebook, Twitter and Google+.

For bloggers, you create content and have the chance to win prizes like t-shirts, products and on-line services. If your content is chosen as the best post, then you’ll get paid via Paypal.

According to CEO and Founder of Bloggers Compete, Pavan Katepalli, “For advertisers, bloggers are powerful allies. With over a hundred million blogs on the internet, the blogosphere has become the most powerful news scene in the world.Bloggers, through BloggersCompete.com, work in movements to influence a company’s internet presence.”

Bloggers must submit their blog for approval and according to this page, they’re looking for technology, business, start up and software like blogs. Although they do say if you’re blog is awesome and it doesn’t fit into those categories, they might accept it anyway.

It’s definitely an interesting concept and I’ll be watching to see if both bloggers and advertisers see a benefit and sign up. As of right now, there are three contests running with one having 6 entries and a $150 prize attached.

So tell us – is this something you would participate in and do you see any benefit for bloggers and advertisers?