Solo Piano Competition - Opinions?

[gregspiano]

I am thinking of launching a solo piano composition competition under my record label. The idea would be to promote and encourage the 'everyman' composer and to prioritise clear raw talent and composing skills over extensive classical and technical recitals which, although are excellent, often alienate a large proportion of budding pianists. It would be based on a submission of a sound file to me which I would then judge alongside a panel I would compile from my contacts in the industry and then give a cash prize to the winner.
I thought I'd post on here just to try and get an idea of whether this is a good idea and who might be interested?
Looking forward to hearing back!

Greg