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National Novel Writing Month is a fun, seat-of-your-pants approach to novel writing. Participants begin writing November 1. The goal is to write a 175-page (50,000-word) novel by midnight, November 30.
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Yes, the goal is to write a novel in 30 days, but the page count has nothing to do with NaNoWriMo. The page length/count would be dependent upon formatting, line spacing (a manuscript should be double spaced), how much dialogue there is versus text blocks... etc. Because of this, page count should not be used and only word count matter.
There are two components to 'winning' NaNoWriMo - first is to hit at least 50,000 words and the other is to actually finish the novel, even if it more than 50k. Keeping in mind, the average word count most publishers would want from a mainstream novel from a new author is at least 75-85,000 words, so a NaNoWriMo novel at only 50,000 words will likely need some fleshing out before it can be considered ready for publishing.
There are no prizes, per se, for winning NaNoWriMo except the satisfaction of completing the novel. There is, however, a winners graphic one can put on their website and proudly display as well as a printable certificate that, in my opinion, gets prettier every year!
NaNoWriMo is a challenge, a personal challenge, where many writers come together to torture themselves for a common goal, spur each other one, and help increase awareness and support for literacy around the world (the Office of Letters and Light donates money for world literacy and is a nonprofit organization.)