It is a nice contest for the public as afterwards there is always some gems of free music software being released! If you go the website and scroll down it is possible to see the earlier years contestants.
Here is what is said:
We are very excited to announce the launch of the the KVR Developer Challenge 2016, the sixth free-for-all audio plug-in / audio application / soundware design event.
The "KVR Developer Challenge" is for anyone who develops Audio Plug-ins or Applications and Soundware. The challenge is to create and release a brand new free audio plug-in, application or sound library / pack / set that will benefit the community at large. Creativity is key, it can be as simple or as complex as you want - KVR members will vote on the entries and pick the eventual winner using whatever criteria they choose to.
As usual, KVR Members can make donations to the prize fund via PayPal but as an extra incentive this year there's a special Grand Prize:
Win a free trip to the 2017 NAMM Show in Anaheim, CA, USA
This year's grand prize is from KVR Audio andNAMM (National Association of Music Merchants). The winning developer will have the opportunity to present their entry at the 2017 NAMM Show in Anaheim, California, January 19-22, 2017.
The winning developer will be provided with airfare to/from and hotel accommodation in Anaheim plus promotion and a presentation area at the NAMM Show to share the winning entry. See the rules for more info.
Plus, as always, the winner receives a portion of the donations made by KVR Members.
Due to the timing of this prize the development time is fairly short - you have until the end of November to get your entries in! Voting will then take place in the first couple of weeks in December. Good luck.
For more information on how to enter and/or donate to the prize fund please go to www.kvraudio.com/kvr-developer-challenge/2016