For solving urgent corporate and societal concerns, a hackathon is an effective method for stimulating long-term innovation. In a hackathon, participants work together to construct prototypes and prototypes for a pre-defined issue or to innovate.

How might a hackathon aid in the development of new ideas?

Creating a conducive climate for the exchange of ideas is more important than just providing financial incentives. Hackathon organization may be seen as a supplement to more conventional forms of innovation. 

Hackathons are a great way for organizations to get new ideas and expertise about how to improve their technology. It’s now possible for organizations to move quickly and cut time-to-market by using crowd-driven innovation.

Only a few employees in a company have traditionally had the authority to come up with new goods, services, or business models. In most cases, a dedicated R&D or innovation unit was allocated to the project. Hackathons are becoming commonplace in both large and small businesses. 

Collaborative innovation is simple in today’s connected workforce. More income, better goods, and better customer service have all been a result of hackathon ideas.

Advantages of hackathons 

Participating in a virtual hackathon is a good opportunity to tap into the minefield of bright individuals. Technology enthusiasts have an opportunity to display their abilities and draw the attention of employers via this platform the following are some of the benefits of participating in a hackathon:

• Networking is a great way to build a community

Attending a hackathon is a great method to meet individuals in the tech business and build relationships. In the end, networking is crucial to anyone’s job, and you may create your own community of like-minded individuals utilizing a platform like this.

• Opportunities for work

Student hackathons organized by business giants may be an effective technique to find and hire top-notch programmers. Functional abilities, creative thinking, cooperation, effective communication, and motivation are all challenging to assess in a standard interview approach.

• Accreditation

After participating in the hackathon, you’ll be able to show off your abilities to prospective employers by receiving a certificate of participation. It demonstrates your ability to apply what you’ve learned and offers you an advantage over competitors seeking positions with comparable responsibilities.

• Developing and enhancing one’s abilities is a vital part of life

There’s no better way to sharpen your talents and broaden your knowledge than to put them to the test. You are pushed to your limitations and work on other soft skills like communication and team building because of the time constraints at hackathons all around the world.

• New ideas for solving current issues

When it comes to solving challenges, hackathons serve as national brainstorming sessions. Each team brings its own unique viewpoint, and the host of these hackathons is able to see their difficulties in a new light.

Step-by-Step Guide to Hosting a Successful Hackathon

• Setting a Budget 

Make it clear what you want and what you intend to gain back from the investment in order to get a budget. In addition to the predicted results, describe your aims and objectives.

Between $5,000 to $80,000 is the typical range for a typical budget. Depending on your objectives, you’ll have to tailor the hackathon to suit your demands.

• Make Use of Your Own Employees

The following are the departments you should concern yourself with:

• Legal– It’s crucial from a legal standpoint because of the potential impact on intellectual property rights. In order to get people to sign NDAs, attempt to offer them a trade-off. You may enjoy exclusive use of the code for a year. If you haven’t done anything with it at this time, it is returned to the person.
• Recruiting/HR: Don’t forget why you’re holding the hackathon in the first place: to meet and connect with the best and brightest in the IT industry!
• Build the overarching concept around a certain set of participants.

Make a list of the demographic/talent you’re trying to attract, and think about what they like and what they don’t like about your product. Make sure it’s near to campus and informal, and go outside the box with incentives if you’re trying to persuade college students to participate.

• Get the Right Judges 

Your company’s top leaders can assist you to attract big-name clients. Don’t be afraid to reach out to the partners of the VCs who have invested in your company. The judges should be locals who are relevant to the region and can pull in a lot of attention from the audience.

More and more judges realize the importance of showcasing their skills to the future generation of techies. It’s a minimal investment on their side, and you can use the event to advertise their most recent endeavors as well.

• Spread the word about your business!

Put up an event landing page or use an event platform to get the word out about your hackathon. You can start the ball moving by contacting other hackathons and tech community members and asking them to help get the word out about your event.

Don’t forget to invite those who have already attended your webinars! Your judges are another group you should make heavy use of (past and present).

• Make Sure Everything Is Running Smoothly

Setup should include tables, whiteboards, and locations where teams may work in peace. Make sure your wi-fi is functional and that you have enough power strips on hand. Having an IT guy on-site is also a good idea.

Allow at least an hour to check everyone in and get them set up. During the time that the first-comers are waiting, give them swag and encourage them to make new friends. 

Include speaking engagements and one-on-one mentor sessions in your agenda. Just bear in mind that there’s no such thing as a hackathon running completely according to schedule. Be ready to change your plans and adapt to the situation.

• Make a plan for calculating return on investment 

Whether you don’t have a clear set of objectives and metrics to measure your progress, you won’t know if you hit them or not. Depending on your preferences and requirements, these options may differ.

Conclusion 

In order to recruit new talent and promote your brand, a hackathon is a good idea. Many hackathon attendees aren’t looking, but they’ll remember you when it’s time to look. Hackathons don’t have to be expensive, depending on your resources and needs. Bring in more sponsors or organize the event at your workplace.