"Here are the exact specifications of the format of input and output into a console application, and the exact specifications of how the output must relate to the input. You have one hour to do this and your program must finish running within X seconds of being invoked on our test input."

I can't see how being talented at this would have any connection to talent at building a company, in fact I wouldn't be surprised if it was negatively correlated. I'm not really sure talent at winning programming competitions could be positively linked to other than talent at winning programming competitions. Valuable industry tasks differ substantially from what is done in a programming competition.