I like the idea of hyping startups. I follow new outdoor gear, and I know there's a lot of cool stuff out there from brands you never hear about. I attend Outdoor Retailer often (not there right now, but usually go to Summer, sometimes Winter) and a lot of the most interesting new gear is from brand-new exhibitors and smaller companies. Meanwhile, most magazines and blogs trip over each other covering and awarding the big brands and their modest redesigns.
I agree your idea needs to be tweaked or fleshed out more. It sounds like you're coming at it from a consumer level (attract consumers with giveaways to hype your startups) when you should be coming at it from a business level (organizing small startups to more effectively communicate and market across various existing verticals).
Giveaways seem like they could be a component, not the whole package. Perhaps a multi-faceted Web community with articles on startup gear, forums, etc.? As was said above, I'm not going to sign up for a lifetime of spam just for the chance at winning some gear I may or may not want - even though I am interested in gear startups. I would, however, visit a site with regular feature content about startups, giveaways, discussions, etc.