Aspiring Minds (www.aspiringminds.in) has launched a Machine Learning Competiton. This is an attempt to collaboratively solving socially-relevant problems using computer science. It is also a means to expose young engineers to machine learning and encourage them to apply it to various problems around us.
We pitch a real-world labour-market prediction problem, for which applicants need to learn a model based on known inputs. One key differentiator of the competition is the preference for interpretable models. The goal is not only to have a model with high accuracy, but to also learn about the problem space through the model. Another interesting feature is that the competition asks for multiple models, which are solutions for different cost functions, as informed by real world requirements. See details here: http://www.aspiringminds.in/mlCompetition/
The competition has attractive prizes, the first prize being $2000 (INR 100K), two second prizes of $1000 (INR 50K) and some others.