Welcome to hackathons
Solid results, fast.
Published on the 3rd of January 2024. 4.5 min read.
Hackathon definition
A hackathon is a virtual, physical, or hybrid competition event, where people gather physically or virtually to collaborate on a project of any kind in a very limited period (usually a weekend):
In this paper, we explore what hackathons are and how they can help businesses reach the most diverse results.
Let’s start with this:
1. What is a hackathon?
The word "hackathon" is a portmanteau of the words "hack" and "marathon." In the nerds’ world, "hack" refers to the rapid development of a new software application or system, often with limited resources.
A "marathon" is a long-distance race that is typically run without stopping.
The goals of a hackathon can be very different, and we’ll provide a comprehensive list below in this paper.
What’s always common is that the results are usually developed in a short period, typically from a few hours to 3 days.
This differs from an innovation challenge, where usually the event duration is longer.
Organising a hackathon is a matter of coordinating complex tasks.
If you want to know more, we created a comprehensive hackathon guide that explores each one of them thoroughly.
2. Why a hackathon?
To innovate faster and stay ahead of the competition.
In modern times, businesses need to be constantly innovating to stay ahead of the curve.
Hackathons are a great way to do this.
These dynamic, high-energy events are capable of bringing together people from different backgrounds and skill sets, accelerating the development or testing of innovative new products and services, and helping businesses gain a competitive edge.
3. Which problems a hackathon solves?
To answer this question we need to split hackathons into 2 main categories:
Internal hackathons
External hackathons
Internal hackathons
This type of event is organised by a company, inviting its employees. Here’s a list of classic internal hackathon goals:
Inspire and lift creativity
Create new internal synergies
Encourage cross-functional collaboration
Strengthen the teamwork
Promote an innovation mindset
Enhance and accelerate problem-solving
Make the employees think outside the box
Accelerate process/product development
Generate and validate new ideas through prototyping and testing
Retain top talents
Develop new employees' skills
Raise workplace attractiveness and improve the company’s public perception
Receive feedback from employees
Overall, internal hackathons offer a multitude of benefits that go beyond immediate project outcomes.
They can help to create a more innovative, engaged, and collaborative workforce, which can have a positive impact on the company's growth and success.
A ChatGPT prompt engineering hackathon is a good example of an efficient technique to elevate the skills of your employees. Another good method for that is to adopt a design thinking approach during the hackathon design.
At last, these hackathons are typically physical or “offline”. Nonetheless, they can also be organised virtually or “online”, especially in case the company has a large number of employees.
We conducted an in-depth analysis of the benefits of internal hackathons in a dedicated article.
External hackathons
This type of event is organised by a company, inviting selected and targeted external profiles. Here’s a list of classic external hackathon goals:
Let relevant audiences test the company’s products/solutions/software/technology
Innovate a business/process/product
Scout, find and hire highly skilled talents
Crowdsource new perspectives and fresh external ideas
Develop new apps, platforms, and software
Build awareness, exposure, and promotion
Access, and engage with new communities
Market research and validation
Accelerate the development of new products and services
Build excitement around the company
Create new partnerships with other companies or organisations
External hackathons can be a valuable tool for companies of all sizes.
If you are looking to achieve a variety of goals, for example, make your company more sustainable, then organising an external hackathon is a great option.
Furthermore, this type of hackathon is often online, bypassing geographical or logistical restrictions and freeing the participants from constraints.
Any hidden top skill can join an online hackathon, from pole to pole.
A dedicated article about the perks of external hackathons is available on our blog.
4. What format is better? Online or physical?
It depends on your goals. Let’s deep dive into the characteristics of online and physical hackathons:
Online hackathon
Virtual participation: online hackathons are conducted entirely on a great hackathon platform, allowing participants from anywhere in the world to join without the need for physical presence.
These are the main perks of the online hackathons:
Global reach and accessibility
Flexibility of time schedule and workload
Lessened constraints of the maximum number of participants due to location space
Absence of venue, catering, transport, and logistic costs
Online hackathons are generally more sustainable due to the point above.
If you are looking for an accessible and sustainable option, then an online hackathon may be a good choice.
Visit the Eventornado website and explore online hackathons.
Physical hackathon
Physical participation: on-site hackathons are held in a specific location, allowing in-person engagement, real-time interaction, and a vibrant atmosphere.
These are the main perks of the physical hackathons:
In-person interaction, networking, and collaboration
Engagement and immersive atmosphere, capable of lifting networking, creativity, and a strong sense of community
Creation of content and marketing material such as videos and social media posts for brand awareness and perception
Real-time feedback to participants from mentors and jury
Team building and camaraderie spirit among participants
If you are looking for in-person engagement and networking, then a physical hackathon may be your option.
5. Is the hackathon market on the rise?
Yes, a big cumbersome resounding one also.
A study conducted in 2021 by Research and Markets revealed that “the global hackathon management software market reached USD 187.1 million in 2020. The market is further expected to reach USD 292.2 million by 2026 and is projected to grow at a CAGR of 8.0% during 2021-2026”.
And this is just about the hackathon software market. The whole hackathon management sector growth will follow accordingly.
So, if you’re asking yourself if you’re making the right decision in organising a hackathon you can rest assured: you’re in good company.
6. Conclusion
In today's ever-changing and competitive landscape, innovation is essential for sustainable success.
Leaders need to be bold, agile, and innovative.
They need to be willing to take risks and embrace new ideas.
Hackathons are a powerful tool that can help organisations of all sizes to innovate and stay ahead of the competition.
They’re not mere events; they are epicentres of innovation. We want you to embrace this dynamic and transformative phenomenon.
Reach out today to plan and organise your hackathon with Pristine Agency.
