Sounds like a good idea.

Naturally, we can't promise "there is a reward of X bitcoins for ..." in a contest unless X amount is already collected and ready.  And I don't think any single person here can fund everything solo.

So, to best do anything like the contest (and much else), there should be an Elastic donations fund, as in some Bitcoin address and some Elastic address which accept donations from a number of people.  The latter could not be set up until after Elastic goes live on the mainnet.  The former could be set up anytime, even now.

That means there needs to be one or more donation funds coordinators, in terms of people acting to set such up and manage it, giving out appropriate reward payments.

Myself (and probably other would-be donators) would be fine with donation fund coordinators receiving a small fee for their efforts, like an escrow: maybe each 0.5 Btc plus 2% of the amount received in the future over time (a fee perhaps adding up to a number of Bitcoins over time if Elastic becomes large eventually).

A small funds pool might be managed by a single person with some reputation, or a larger funds pools could use a 2-of-3 multisignature wallet with 3 people.

For those 3 people, probably there should be at least one person from among top original contributors (such as Evil-Knievel, Unvoid, Coralreefer, ImI, and/or ... you). Selsonblue and Clivemy have already volunteered for other tasks and might be willing.  While debatable whether or not needed, a professional escrow from elsewhere on Bitcointalk could probably also be found willing to help out for a 2% fee or something.

As one of the original contributors to Elastic's development, you personally being involved with those two wallets could be helpful.

Do you volunteer?

Sorry, I'm not trying to seem pressuring, since of course you are not obligated, but getting anything going requires someone specific.  The workload wouldn't have to be all you alone, as others (such as Selsonblue) seem to be ready, but you being involved would lend the aid of reputation as an original contributor.  (Of course, any other original contributor reading this could volunteer too or instead, but there aren't that many).

Disagreement with the logic in my post is possible, naturally open for debate, but it seems reasonable: To give out funds for a contest, beyond what a single donator can cover, some funds have to be pooled.