What can you build in just 48 hours?
The many benefits of internal innovation competitions — and why they are back in fashion.
What if the next big idea in your company could be discovered in just 48 hours? Sounds ideal, doesn’t it? In today’s fast-paced business and tech world, companies are increasingly turning to internal hackathons as a spark for innovation. These intense, short-term events, which started in the tech industry, have become a powerful tool for fostering creativity, enhancing collaboration, and boosting employee engagement. As businesses strive to stay competitive, the internal hackathon is emerging as a key strategy for unlocking the potential of their teams.
Creative Sparks Fly
Internal hackathons are designed to shake things up, challenging employees to think outside the box and tackle problems in new and innovative ways. Back in 2016, the Harvard Business Review, already spotted this trend, highlighting how hackathons can lead to breakthrough innovations that might not emerge in a typical work environment. For example, Facebook’s “Like” button, now an essential feature, was conceived during one of its early hackathons.
“Internal hackathons encourage risk-taking and the exploration of new ideas,” says Tom Kelley, partner at IDEO and author of “Creative Confidence”. By setting aside daily responsibilities, participants can focus entirely on creative problem-solving, often leading to unexpected and valuable outcomes.
Teamwork Makes the Dream Work
Beyond fostering innovation, hackathons are fantastic for enhancing teamwork and collaboration. They bring together individuals from different departments who might not typically work together, breaking down silos and encouraging a free flow of ideas. This cross-functional collaboration can lead to more holistic and well-rounded solutions.
PwC’s “Solvers Challenge” is a prime example. Teams from various departments, including finance, technology, and consulting, collaborate to develop innovative solutions for client problems. This event has not only produced great ideas but also strengthened the collaborative culture within the firm.
Internal hackathons are also great for bridging gaps between different teams. They foster a shared mission and help team members gain a deeper appreciation for each other’s strengths and viewpoints. A great example is EY’s “Better Working World Data Challenge.” While this challenge is open to all STEM university students, young professionals, and EY employees, it showcases the power of collaboration. During the challenge, participants from different global offices work together to develop data-driven solutions to environmental challenges, fostering a spirit of global collaboration. Even though it’s not solely an internal event, it highlights the same collaborative and innovative spirit that internal hackathons strive to achieve.
Here at Found.ation, we’ve organized successful corporate hackathons that have made a significant impact. One standout example is the Printec Innovation Lab, a collaboration between Found.ation and Printec Group. This initiative aimed to boost organizational creativity and unleash latent creativity within the company. Through the hackathon, participants were able to develop new ideas and transform them into innovative products and services, driving both organizational growth and technological advancement.
According to Konstantinos Kalogerakis, Group Business Development Manager at Printec:
“Printec Lab, as the revamped third round of our highly successful innovation competitions, is an initiative for our talented people to showcase their innovative ideas and entrepreneurial mindset, to enhance their skills, and actively contribute to the growth and transformation of our organization. Teaming up with Found.ation for the latest competition has impacted our company culture in several ways. With more than 34 ideas submitted across 11 countries and six finalists, Printec Lab managed to foster innovation within Printec by activating, supporting, and recognizing the talents and ideas of our employees. Moreover, it allowed them to enhance their skills, expand their knowledge, and grow professionally and personally through targeted sessions and lots of mentoring, creating a collaborative environment.”
Level Up Your Skills
Participating in a hackathon is an excellent opportunity for employees to develop new skills and enhance existing ones. These events often involve learning new technologies, tools, or methodologies that can be applied to their regular work. Hackathons also promote critical soft skills such as problem-solving, time management, and teamwork.
In Greece, the importance of skill development cannot be overstated. A report by McKinsey highlights that the Greek economy can significantly benefit from a workforce skilled in digital technologies, potentially boosting GDP by up to €16 billion by 2025.
By engaging in hackathons, Greek companies can ensure their workforce is equipped with the necessary skills to stay competitive in the rapidly evolving business landscape. This not only helps individual career growth but also drives overall economic development.
Creating a Culture of Happiness
Employee engagement is crucial for productivity and retention, and hackathons can significantly boost morale and job satisfaction. These events provide a break from routine tasks and an opportunity to work on something exciting and meaningful. They also give employees a sense of accomplishment and recognition, as their ideas can directly impact the company’s direction.
A survey by Gallup found that employees who are engaged and have opportunities to innovate are more likely to stay with their company and perform at higher levels. “Hackathons empower employees by showing that their ideas matter,” says Chris Messina, inventor of the hashtag and a frequent hackathon participant and judge. “They feel more connected to the company and its mission”.
In Greece, the positive impact of hackathons on employee engagement is becoming increasingly evident. Take the Printec Innovation Lab, for example. After the 2023 event, feedback from participants was overwhelmingly positive, with an impressive average rating of 4.5 out of 5. Notably, 76% of participants reported gaining new skills, knowledge, and ideas, while 70% appreciated the opportunity to present their concepts to senior stakeholders and decision-makers. This experience not only enriched the participants but also provided Printec with fresh perspectives and innovative solutions, fostering a culture of continuous learning and improvement.
Beyond the Buzz: Embracing Hackathons for Lasting Impact
Internal hackathons are more than just a trend; they are a strategic tool for fostering innovation, enhancing collaboration, and boosting employee satisfaction. By creating an environment that encourages creativity and risk-taking, companies can unlock the full potential of their teams. As businesses face increasingly complex challenges, the internal hackathon offers a dynamic and effective way to stay ahead of the curve.
If your company hasn’t yet explored the power of internal hackathons, now is the time to start. The benefits are clear: a more innovative, collaborative, and engaged workforce ready to tackle the challenges of tomorrow.
Learn how to turn innovation on in your organization, read more about our approach to Internal Hackathons or simply reach out to us for a tailored solution: thefoundation.gr.
