Definitely an interesting idea. I would be more interested in the post-fact analysis. How many people applied? What percentage were qualified? What projects were they working on, if any? What kind of compensation did they prefer (vacation vs. money vs. equity vs. health coverage)? Where were most applicants from, and things of that nature. Good luck with the hiring process, I am sure it would catch the attention of a few good developers at least.
Trying a new hiring strategy here. I'm trying to appeal to talented developers who also have ambitions to start their own product business. What do you think?