Regular readers of OnlineVideo.net know that this site recently launched its first-ever contest: the Video in Practice (VIP) contest. This contest is looking for companies or organizations that are making fantastic online videos, and it’s going to reward winners with awesome prizes like Adobe Creative Suite 5 Production Premium, Microsoft Expression Encoder 4 Pro, Sorenson Media Squeeze 7, Telestream Wirecast 4.0, and Wowza Media Server.

But here’s something you didn’t know: to celebrate the fantastic early response and the strong number of entries we’ve already gotten, we’re upping the prizes!

The winner in each of the contest’s five categories will now take home an iPad 2 ($499 value)!

The Video in Practice contest is looking for more than great videos: it’s also looking for videos that are used effectively on a business or organization’s website. The contest has five categories: small business, large business, local product and services, national products and services, and nonprofit/government/education/other.

The first step in entering is visiting the contest page, selecting your category, and uploading a video or two. Videos are accepted until May 2. Soon after that, the site’s readers will narrow down the entries, and then a panel of judges will decide the winners.