i agree with husk, there is no reason why this would be a problem.
if you are nervous about how many entries you will get just remember, the more money you put up the more will enter your contest (i would recommend at least 500+)
also you can browse through designers folios by clicking our names here in the forums or by clicking the 'designers' tab at the top of the page. Once you find a bunch of designers you like send them each a PM inviting them to join your contest. It really pays to personalize each PM, referring to past logos the designer has done.