Social media sites are really funny animals and as such need really funny names.

A new site called Ideablob fits that requirement and is doing something that I find strangely intriguing.

Budding entrepreneurs are encouraged to join the site and submit their business ideas and for a chance to win $10,000 towards fulfilling them.

Other members cast votes that move ideas up the list toward qualifying for the prize. The real mesmerizing part of the site though is all of the comments that the ideas generate. Suggestions, praise, tweaks, add-ons and the like run down the side of each idea making for a really interesting stream. It has a bit of a virtual focus group feel to it.

Here’s a short video focused in ideas.

In addition, people can ask the community to weigh in on questions that have that may or may not be related to any of the ideas on the site.

Worth mentioning is the fact that the site is created and sponsored by a credit card company and the on-site branding is one of the lightest treatments I’ve ever seen. (Note the inspired by Advanta emblem in the header) This kind of hands off, low-key promotion is tough for some marketers to pull off, but I think it adds a level of transparency and trust that is key to the success of these types of sites. Nice work Advanta.

It’s a unique twist and worth a visit.

So, what’s your great idea?