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I have done a case competition before for Target and this seems similar to my experience. I like the idea and would be happy to see more employers utilizing this tool. One thing that I do see as a problem is many of the opportunities on this site seem like they would require an experienced employee to provide an adequate solution.
If there were companies looking to mentor an applicant based on their answer I would imagine this model would better serve the youth. I suppose that is why there are internship opportunities which would include a mentorship. I'm sure I would have a better understanding if I went through the whole process myself.

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Danny commented on Follow your path

Thanks Shane, I hadn't heard of Thumbtack until now but after looking it over I think that it could be tweaked to meet the needs of students and younger professionals.

This is clearly a great program for the people and communities that it serves. I wonder if there is a way to tweak this model to serve people who are already enrolled in college and looking for other areas of experience.