YouTube, in cooperation with computer maker Lenovo, Google, NASA and ESA, has launched Space Lab, a global competition for students around the world who will work on a science experiment design with the International Space Station in mind.

To encourage the world's young minds in coming up with a creative space experiment design, Google has uploaded sample videos on YouTube.

Students can submit entries individually or in groups of up to three. Age limit is set at 14-18 years old.

Some of the biggest names in space exploration comprise the panel of judges, which includes the renowned Professor Stephen Hawking, astronauts Frank De Winne, Samantha Cristoforetti and Timothy Peake of ESA, NASA's Leland Melvin, Akihiko Hoshide of JAXA, Chris Hadfield of CSA and Cirque du Soleil's founder Guy Laliberté.

The YouTube community will also be asked to participate in choosing the best space experiment design.

Two global winners will be chosen, and their experiments will be sent into orbit and carried out in the Space Station in summer 2012. In an exciting presentation, the experiments will be live-streamed on YouTube from space, according to NASA.

The European Space Agency, according to NASA, has a special treat for European finalists -- a visit to the training facilities of the European Astronaut Centre in Cologne, Germany, including a personally guided tour led by European astronauts.

Participants post their videos on YouTube with a description at www.youtube.com/spacelab. The deadline for submission of entries is on Dec. 7.