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are we able to start now? 

The challenge will start the first of November. From that day and for a month you'll have to select a schedule to work on your project and stick to it. Until then you could think about how you would want to plan your work and what kind of project you would like to work on. You can start the challenge with your project already started, the goal is to sharpen your scoping, planing, management and execution skills so that you wont have to crunch but be able to release your project in time based on your previsions. I feel like there's no reason to prevent people from working on already existing projects.