Miami, FL

Lucas Sommer, 24, thought he was just going to a networking event to get a little advice on how to launch his business idea. But 17 hours later, he was presented with an oversized check for $25,000 to get his music-community website off the ground.

There were only supposed to be seven finalists at the We Media PitchIt! Contest on Thursday morning at the University of Miami. But the night before, conference staff were so wowed by his idea at a poolside networking event, that they insisted Sommer be a last-minute addition to the contest -- giving the Miami resident and UM graduate only a few hours to prepare.

His website, Audimated.com, is a community of musicians and fans to share, discover, and make money from independent artists.

"This was an opportunity for We Media to help shape the future of music,'' said Brian Reich, one of the judges. We Media is an annual conference that revolves around innovation and entrepreneurship in the media industry.

Also winning $25,000 was journalist-turned-entrepreneur Melinda Wittstock for her presentation on AssignIt, a mobile application that would use volunteers around the community to help with hyper-local investigative journalism.

The John S. and James L. Knight Foundation and the Ethics & Excellence Journalism Foundation funded the awards, which go to ideas that can "build a better world through media and technology."

Running on a diet of Red Bull and no sleep, since he had to prepare contest materials overnight, Sommer explained his website, which aims to help starving artists. Independent artists get money for the music, tickets, and merchandise they sell. Fans also get paid a commission for promoting artists. He said the company would keep 10 percent of the profits and operate at a low cost. He criticized Apple's...