Business 2.0 readers can get venture backing (maybe)

UpdatedThis may just be the latest gimmick by Business 2.0 to get readers flocking to its business pages, but it’s still worth pointing out.

The publication says 11 leading venture capital firms have outlined in Business 2.0′s upcoming edition some promising business ideas that they’d like to get feedback about from the publication’s readers.

And they’re ponying up $50 million in funding to the readers who formulate the right combination of staffers and business plan to pull off the ideas. You can submit your business plans to the venture firms, which include names like RedPoint Ventures, Storm, Norwest and Ignition.

And in a few months, Business 2.0 will report back on which, if any, readers got the cash. (Hmmm, the “if any” part worries us. You mean, the VC can get cold feet and back out? Wow, this is real.)

The Business 2.0 edition hits news stands Aug. 29. Just don’t tell ‘em that you found out about it here.

Updated: Sorry, we had to take down the PDF of the story. We spaced on the copyright implications. You’ll have to wait for the link from Business 2.0, which should come within next few days or so.

Update: Here’s the link to the Business 2.0 story. Happy pitching!