Julie Booker-Sawyer, Farleigh Hospice's corporate coordinator, said: "I am absolutely delighted with our business community.
"Once again they have accepted our £50 Challenge with the enthusiasm that we have come to expect from our corporate supporters.
"I have no doubt whatsoever that this year's challenge will be as exciting and as innovative as the last challenge in 2011.
"After the special reception event, each company was handed their £50 note and pledged to accept their mission.
"Now they have a total of 12 weeks to turn that £50 into as much money as possible, through whatever ways they like.
"As long as it's legal and they return our £50 note at the end of the challenge – we don't care what they do."
Witham MP Priti Patel attended the launch event alongside representatives from Boreham House and Chelmsford Radio, which are sponsoring the fundraising drive.
The £50 Challenge, which started in 2011 and raised more than £30,000, is back after a year off.
Then, companies such as B & K Taxis, R G Ford Insurance Brokers Ltd and Whitley House Surgery took part, doing anything from selling specially branded bottles of beer, to posing for a nude calendar.
Six awards were given out to winners, including categories such as Top Fundraiser which went to Balfour Beatty which raised £6,000, and Best Teamwork, which was awarded to Yaxley Hair and Beauty for their Greek-themed evening.
