The competition's goal is to discover the next great feature film, and provide the filmmakers with a camera package rental valued at over $100,000.
In addition to Cordero, the panel includes 'Man on Wire' producer Maureen Ryan, 'Titanic' cinematographer Russell Carpenter, 'Bride Wars' writer June Diane Raphael and 'Welcome to the Dollhouse' actress Heather Matarazzo.
The Grand Prize Package includes a 30-day HDSLR Camera and Canon EOS EF "L" Series Lens Package rental and various prizes from various other companies, valued at over $100,000.
"We are extremely excited to bring this opportunity to filmmakers. The winning prize package is amazing for up-and-comers and industry pros alike!" announced BVEW co-founder Dani Faith Leonard.
"I'm so grateful to Canon for providing creative minds with the chance to shoot their dream feature films with the latest, hottest cameras around," added her fellow co-founder Alex Cirillo.
Participants in the contest must submit a treatment for their feature film, a promotional video, trailer or scene and bios of the creative team involved. For more information, or to submit, click here.
Rik Cordero was a nominee for Director of the Year at the 2009 BET Awards, has shot videos for The Roots, Raekwon, Ghostface and Method Man, and several feature films.