Budget to run a hackathon, explained

Published on 12 of February 2024. 2 min read.

The hackathon price range

The budget to organise a hackathon ranges from €4K to €80K.

Sometimes, for very complex events, these figures can surpass €100K.

The final price depends on the targeted number of participants, the hackathon nature (virtual, hybrid, or physical), the duration of the event, the active participation of external mentors, the hackathon prizes, and a myriad of other factors.

In this article, we’ll break down the cost tiers of the items that concur in the final price for each one of the most common types of hackathons.

Before you deep dive, make sure you’re familiar with the difference between virtual/physical hackathons and external/internal hackathons.

This article might help a lot.

Table of contents

1. Virtual hackathons cost breakdown

   1.1. DIY virtual hackathon

   1.2. Virtual hackathon with basic help

   1.3. Turnkey virtual internal hackathon

   1.4. Turnkey virtual external hackathon

2. Physical/hybrid hackathons cost breakdown

   2.1. Physical/hybrid internal hackathon

   2.2. Physical/hybrid external hackathon

3. Additional/extra costs

4. What are the factors influencing the pricing of a hackathon?

5. Which hackathon costs are fixed and which ones are variable?

6. Conclusion

We will start with the basics, building up to the most complete event possible.

1. Virtual hackathons cost breakdown

1.1. DYI virtual hackathon

Price tier level: lowest

Applies to: internal and external

Concurring costs:

• Hackathon platform license fee

• Number of active users on the platform

1.2. Virtual hackathon with basic help

Price tier level: low

Applies to: internal and external

Concurring costs: all the above, plus:

• Hackathon platform management services such as platform population, facilitating team formation, 24/7 technical support during the event

1.3. Turnkey virtual internal hackathon

Price tier level: medium-low

Applies to: internal

Concurring costs: all the above, plus:

• Hackathon graphic materials

• Hackathon website

• Hackathon design engineering and project management costs

• Hackathon goodies

1.4. Turnkey virtual external hackathon

Price tier level: medium

Applies to: external

Concurring costs: all the above, plus:

• Marketing, promotion, and outreach campaign to target and onboard the hackathon participants

2. Physical/hybrid hackathons cost breakdown

2.1. Physical/hybrid internal hackathon

Price tier level: medium

Concurring costs:

• Hackathon graphic materials

• Hackathon website

• Hackathon design engineering and project management costs

• Hackathon goodies and onsite materials such as roll-up banners

• Venue, facilities, wi-fi (only if the event is held outside the company premises)

• Catering

• Special guests and speakers, only if required.

2.2. Physical/hybrid external hackathon

Price tier level: medium-high

Concurring costs: all the above, plus:

• Marketing, promotion, and outreach campaign to target and onboard the hackathon participants

3. Additional/extra costs

All the above calculations do not include the following costs:

• Prizes

• Participants’ transportation costs.

• Risk contingency fund

• Post-hackathon mentoring, acceleration, and incubation programmes.

• Employees’ man-hours for internal hackathons.

4. What are the factors influencing the pricing of a hackathon?

The final price of a hackathon depends on:

• The hackathon nature (virtual, hybrid, or physical)

• The final number of participants, which has an impact on:

  • the promotion and outreach campaign costs

  • the venue and catering final costs

  • the goodies costs

• The duration of the event

• The active participation of external mentors, speakers, and experts

• The hackathon prizes

5. Which hackathon costs are fixed and which ones are variable?

In a hackathon cost structure, we can define some costs as fixed and others as variables:

• Fixed costs usually do not change no matter the nature of the hackathon

• Variable costs fluctuate depending on the event complexity and scale

Here are some examples:

Fixed costs

• Hackathon graphic materials

• Hackathon website

• Prizes

• On-site marketing materials (roll-up banners, posters, etc.)

Variable costs

Here are some costs that are proportional to the number of participants and the event complexity:

• Hackathon platform license fee

• Hackathon platform management services

• Hackathon design engineering and project management costs

• Hackathon goodies

• Marketing, promotion, and outreach campaign

• Venue and catering

• Speakers’ and experts’ contributions

• Participants’ transportation costs.

6. Conclusion

There’s no magic formula to define the price of a hackathon. The event complexity and its scale drive the final amount.

The takeaway is that hackathons are suitable for any type of organisation with any level of budget.

Reach out to us in case you’d like to get a tailored quote to organise your hackathon.