The contest, organised by the British National Space Centre (BNSC) and Surrey Satellite Technology (SSTL), is open to students between the ages of 14 and 18.
The winning experimental package should be about the size of a lunch box, weighing no more than 1kg.
But it will be given a developmental budget of up to £100,000.
The deadline for receiving initial proposals was 28 February 2008.
In March, entries will be whittled down to a shortlist of six finalists who will then be invited to submit more detailed proposals.
The winning proposal will be announced at the congress of the International Astronautical Federation (IAF) in Glasgow in October 2008.
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