A hackathon is a strategic tool to crowdsource solutions for real-world problems. The trend started with computer program development. In time, everyone followed suit.
Hackathons unite people to develop new ideas and foster collaboration. Take the students pursuing an online Master’s in Cybersecurity degree, for instance. They have a lot to learn from participating in hackathons. It’s an exciting opportunity to forge innovative, future-proof business solutions.
The first hackathon dates back to 1999. Back then, it was a small program writing challenge between developers. A lot has changed since then. Today, over 80% of Fortune 500 companies conduct hackathons. They help participants hone their problem-solving skills and discover networking opportunities. However, like all good things, hackathons have their fair share of merits and demerits.
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Why Hackathons Are Popular
Hackathons are more agile and inclusive than traditional innovation management processes. They also have a shorter run cycle to promote multi-disciplinary collaboration. This, in turn, addresses fast-changing consumer behavior. A hackathon targets the following outcomes :
- Generating innovative ideas to future-proof a business
- Hunt for the best talent
- De-risk product development for a brand
- Boost employee engagement
- Speed up innovation
- Attract and retain developers
- Reduce R&D expenses
- Build community
The Perks Of Conducting A Hackathon
Hackathons are high-energy events where multiple teams come together. No wonder they are a hallmark for forward-thinking brands. Here’s exploring all that is good about hackathons.
Spearheading Innovation and Creativity
Hackathons are time-bound events that push participants to think outside the box. With a fast exchange of diverse perspectives, innovation finds a way.
Besides, corporate hackathons are a great alternative to lengthy design reviews. It allows more experiments for large sets of hypotheses. That means a low cost of failure and vital insights. It also encourages rapid prototyping and enhanced test validity. Thus, participants can focus on core concepts and speed up the ideation phase.
Breaking Barriers with Effective Collaboration
Collaboration is the bedrock of hackathons. Thanks to participants from diverse backgrounds working towards one common goal. Such an interdisciplinary approach brings varying expertise under one roof. This unique synthesis is seldom possible working in silos. That’s why hackathons are always a step ahead in driving innovation.
Online hackathons are a game-changer. They promise unmatched flexibility as participants can join from anywhere. Such a structure widens the talent pool and problem-solving approaches.
Groundbreaking Solutions For Existing Problems
A hackathon brings many minds to work solving one common problem. Thus, it has the potential to address existing challenges using novel methods. With participants pushing the boundaries, the problem-solving radius becomes wider.
Unmatched Skill Enhancement
Hackathons promote a competitive landscape. Participants get a chance to explore new technologies which enhance their problem-solving skills.
Unique Networking Opportunities
Hackathons are functional platforms for connecting with potential employers and industry experts. The credit goes to the collective spirit. It fosters meaningful connections extending beyond the hackathon. Therefore, it’s a unique opportunity for participants to shape their careers.
Leading companies organize hackathons for budding developers. If you think you have the talent, there can’t be a better stage to make an impact.
The Demerits of Hackathons
Despite several positives, hackathons have attracted criticism from within the industry. The reasons aren’t obscure.
Online hackathons are high-intensity programs. Thus, participants run a significant risk of burnout. As a time-bound event, hackathons demand prolonged focus and limited rest time. This impacts the output and can negatively affect a participant’s well-being.
There are several instances where employees were obligated to participate in hackathons. While peer pressure is a reality, it defeats the purpose of a hackathon.
Hackathons are meant to be a thriving place for passionate developers. Therefore, organizations should design one tapping into employee liking and engagement. Besides, they must promise employee recognition. Above everything, participation should be voluntary.
Over the years, several efforts have been made to make hackathons inclusive. Still, certain demographics continue to face roadblocks. Lack of diversity and imposter syndrome are often the underlying factors. Internal measures and undeterred attention from organizers can help address such challenges.
The Bottom Line
Hackathons directly address pressing business and societal issues. Yet potential drawbacks like participation burnout and employee obligation can disrupt things. The key is to balance the participation mindset and the desired output.
Organizing a hackathon generally takes over a month, so there’s ample room for agility. Organizations must engage early to maximize engagement, from event marketing to prototype creation. Only then can hackathons be a transformative experience for participants.