[RoboMom]

Go for it. By collecting, writing and submitting your information for the award, your team will be on its way to developing a business plan, and will help define your team. This information can be used to develop sponsorship and can help with marketing of your team. Once it is written, these sections can be cut and pasted for other uses. It can help the team reflect on what worked, what didn't and where they would like to be headed.
The interview process teaches many of the same skills needed to interview for college, internships and jobs. The students will have to explain, in a short amount of time in front of important adults they don't know what they have accomplished and what they hope to accomplish. The handouts can be used to help judges in deliberations for other awards.
Besides the time it will take to prepare a submission, why wouldn't you submit for Chairman's Award?
Look over past and recent threads for ideas and even offers to help.