I could be fun if people got into the spirit of it. A friendly competition between companies to see who has the best coders. If it turned out good I'd do it every year. Every year whichever company won would get to keep some coveted prize for the entire year. I would also make sure there was a cash prize for the winning team.

Do you mind if I ask which company you work for? Do you think you could find a group of people there that would be interested ?