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100 entries is a bit steep to expect unless you're a big sponsor. There aren't a whole lot of designers out there who do quality work that are willing to take a chance on a contest, especially where there is only one chance to win. They could spend that time making galleries for paying clients and have a sure thing.
If you do a contest, you should have more than one prize so that designers feel like they have a better chance to win something. Maybe a $500 prize, a $200 prize and 3 prizes at $100 each. That's five chances to win and I think more people would enter that way.
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