I was heavily involved in starting up our library's first undergraduate research award last year. This year's entry deadline is coming up in two days and the entries are starting to roll in. Last year I was afraid we weren't going to have any entries, which I needn't have worried about -- we're giving three $500 prizes! This year we're designating one prize for first-year students so the less experienced students can compete on a more level footing with the upperclassmen.
Last year at this time I was really stressed out about everything that could go wrong. There are a hundred tiny details to keep track of. This year it's about 50% less stress since we've been through it once and have all the lessons we learned under our belt. I'm sure next year will go more smoothly still.
There's some real work involved in putting this thing together, but this is a great project and I'm really excited to have been involved in getting it going. The students seem really interested, have been consulting with librarians to get advice on their projects and clearly putting a lot of care and thought into it.