Cnet news reports that the winner for a contest to create business plans for the virtual world Second Life was announced Monday.

“The honors, announced Monday, went to Minnesota-based Market Truths, which devised a market research and analysis system to help real-world companies figure out what works and what doesn’t in the burgeoning virtual world.”

Other finalists “submitted proposals–in order of finish in the contest–for a suite of in-world communications and collaborations tools, an in-world music distribution system and a reputation-based search engine.”

The contest was co-sponsored by Edelman and the Electric Sheep Company.

The winner recieved $350,000 Linden dollars (~$1300 usd) as well as the use of an island for 6 months.

File Under: Interesting, but not all that compelling yet. That particular file for Second Life is getting awfully full.