TAG and the Georgia Resource Alliance have just announced that the next business launch competition is going to focus on Internet/web app companies.

The winner of the contest will receive $100,000 in cash and $200,000 in services. The general rules are that you can not have raised over $500,000 and your business has to be based (and remain based in Georgia).

The application will be posted by October 1 on TAG’s site and close in February. You are going to at least need a prototype to enter and I believe that it will take at least an advanced beta to win.

If you have an idea and are going to need some money, I would start typing.

TAG is expecting 60 entrants. I am expecting 200.