There is cool contest for EEs, with actual prizes running right now. EEWeb.com is running the “2014 European Design Freedom Contest” (at http://www.eeweb.com/freedomcontest) and the prizes include iPads and iPods as well as a football table, espresso machine, or bike. You’ll get to design projects using the Freescale Freedom Kinetis ARM based development platform.
The contest uses free online tools from Digi-Key. The first part of the contest uses Scheme-It for you to generate a block diagram of your contest entry that uses one of the 10 available Freescale Freedom Platforms; the project can be a solution to a real problem or something novel. This first phase of the contest runs through the end of June.
In the second phase, create a PCB design of your project. You can also go with a software submission using ARM mbed studio online software (mbed.org). The 2nd phase runs through Oct 10th.