The N Prize

The N-Prize is a challenge to launch an impossibly small satellite into orbit on a ludicrously small budget, for a pitifully small cash prize.
(from The official site).

It's a lighthearted contest, but a serious rocketry challenge: to put a 9.99g to 19.99g sattelite in orbit, and track it for 9 orbits, for either under 999.99 pounds sterling (1118 Euros / $1482 US) for a single launch, or per flight for a reusable system.

From the page:

Where'd it begin? The Halfbakery.

Are they serious? Yes.

Surely it's impossible? Very nearly.

Thanks to the tipoff from Dick and the full story from R2K.