We're planning to re-build our product identity (which has never been built in the first place, it just came out of nowhere).
Obviously, we're somewhat tight on money, so hiring a professional designer is out of our reach at this moment. Also, we're incubated by a university startup incubator and the university has a design department.
Is it a good idea to launch a contest to build our product identity, reserved to design students, and give away a prize (not money, but a cool gadget like an iPod or something) to the one we select?
How would that compare to an intern in your opinion?