Big name blogs are teaming up for an award called the Crunchies, after industry leader TechCrunch of course. Other blogs participating includes GigaOM, Venturebeat, and Read/WriteWeb.

The 2007 Crunchies is our first annual competition and award ceremony for the most compelling startups of the year.

Look for nominations and voting here in the near future, followed by a real-world award ceremony and party.

This is without a doubt an award that startups will want to win, given the massive coverage and industry recognition that surely will follow.