I believe that academic competitions are a wonderful avenue for our bright kids to test themselves agains others. One, relatively new in USA but widely popular in Europe, is called Math Kangaroo. Check it out at www.mathkangaroo.org
maybe there is a site near you. If no, you can open a site yourself. I did it last year in Utah and within 2 short weeks was able to attract 28 kids to participate. Check it out, it serves kids from grade 2-12. I can answer any questions you might have from an organizational perspective.
Ania