AUSTIN, Texas — Target Corp. has teamed up with Fast Company magazine for a contest offering a $75,000 prize to the person who develops the best new mobile experience for Target.

Target Corp. has teamed up with Fast Company magazine for a contest offering a $75,000 prize to the person who develops the best new mobile experience for Target.

The contest, called the “Co. Labs and Target Retail Accelerator,” was launched in conjunction with Target’s sponsorship of the Fast Company Grill at the South by Southwest Interactive Festival here.

Target says it is looking for a mobile application that will address at least one of the following corporate priorities:

• Social — An app could help users interact with Target and each other to make shopping easier and more fun.
• In-Store — Mobile technology could be used to improve and extend the guests’ in-store experience, or help them prepare for their next store visit.
• Personalization — An app could tailor the shopping experience to the tastes and needs of each individual, to make offers and promotions more relevant.
• Education — Developers could reflect Target’s commitment to education by creating a mobile experience to help students, teachers and schools succeed.

Seven finalists will be selected in May and will receive $10,000 each to develop, build and then present their prototypes. The winner of the $75,000 grand prize will be announced in July, and then Target will work to bring the winning idea to life.

"Target believes mobile will continue to be a game changer for retail, from mobile wallets to apps that deliver more personalized offers and promotions — all designed to enhance the in-store experience," says Target president of multichannel Casey Carl.