Kahu Youth worker and race compere Richard Elvey said competitors did not even have to finish the event to win a prize.
''If the saying 'it is not the winning, it is the taking part' was true, then it would have to be for this event.''
He said in this race there were awards for the best sinking, the most outrageous boat, the best themed, the fastest boat and the commodore's prize.
A huge crowd of locals and bemused tourists packed the shoreline in front of the Lakeland log cabin on Saturday to watch the 26 boats and their crews attempt to sail their cardboard craft around a buoy 10m offshore and back.
Mr Elvey said there was no restriction on the size of the boat - ''you just had to be able to get in it''.
It did not matter if the boat sank during the race but the crew and 70% of the cardboard had to make it back to shore to finish the course.
He said the event was designed to encourage creativity and to get families working together as a team, ''because not many of these kids build these boats on their own''.
''It is also a chance for young people to show off, show what they can do, or sink badly.''
The boat race was preceded by the Polar Plunge, where people in fancy dress jumped from the lake jetty.
Both events were supported by Lakeland water sports and the race raised money for Kahu Youth through a gold-coin donation.
