The premise of the competition was readers of Weekly Shonen Jump picking the ten authors they'd most like to see do a one-shot and then those authors having their one-shots published across ten sequential issues of the magazine, after which readers voted on the one-shots and the winner was announced a few months later (in a special issue that reprinted all the one-shots) with a reward for the winner.
As the prerequisite for being in the competition was already being popular with the readers, there were no actual losers and the event was meant to encourage competition between the creators and raise excitement for the readers. Notably, a few entrants in the competition were not regular contributors to Jump but had appeared in the magazine years before (such as Leiji Matsumoto, Go Nagai, Osamu Tezuka and Fujio Akatsuka).
Also, while theoretically a strong one-shot is generally reworked for a serialization, since most of the entrants were very popular at the time, this meant they were in the middle of working on long-running serials and it was very rare for the winning one-shot to turn into a Jump series (and some of the rare one-shots that did return as serials, were not the winners).
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