Hackathons-A Powerful Stimulus tool for Innovation and Growth

Recently here at Holler, we successfully conducted our second virtual hackathon for the year. With a couple of successful hackathons conducted in the past (both onsite and offsite), we value hackathons as a key impetus for our innovation and growth. Especially in this pandemic work from home situation, hackathons prove to be valuable for both idea generation and connecting teams.

Hackathons are events conducted by gathering people from different teams to collaborate, brainstorm, develop and deliver a tangible product within a short period of time.

Here are a few reasons why we think hackathons are important to the tech organization (startups especially).

Innovation and creativity:

Hackathons are proven to help in accelerating innovation by stockpiling digital ideas and solutions demonstrating the possibilities of open innovation. They encourage company-wide innovation and creativity by allowing participants to run wild with their ideas. They’re a perfect environment for experimentation with low failure costs. Even in failure cases, the lessons learned will be invaluable. Stepping away from regular sprints and project deliverables, hackathons help nurture creativity by allowing us to come up with innovative ideas which can potentially create our next big successful product.

Rapid Prototyping and MVPs:

Hackathons are the ideal place where cutting-edge technology meets real-world applications with a richer exchange of ideas. The business product is different from the business prototype. A prototype needs to demonstrate the ability to conceptualize an idea into a substantial output. The important thing is understanding of the idea being possible, then the prototype can be tested to gather feedback to refine and rebuild. At a Hackathon, we need not perfect a product, instead, we must rapidly construct a prototype of our idea. The fast-paced nature of a hackathon is perfect for testing ideas and failing fast. Hackathons allow groups to communicate the value of their hack to an audience during the final demo.

Cross-Functioning and Learning:

With deadlines and deliverables, we get minimal chances to work cross-functionally and learn about other parts of the organization in our day-to-day work. Hackathons promote cross-functional learning and development by letting participants choose to work across teams to solve a bigger problem. Hackathons encourage participants to experiment with new cutting-edge technologies and methodologies. Their open environment is ideal for developers to make meaningful connections. With limited time, people quickly learn how to ask for guidance from others. The Hackathon environment allows participants to coordinate easily and learn from each other, targeting one common goal to be achieved. Exposure to several participants from different backgrounds and varying skill sets facilitates acquiring expert knowledge in a more casual environment.

Diversity and Collaboration:

Hackathons aren’t all about being innovative. They’re also about sharing knowledge and encouraging each other. That’s why it’s important to encourage diverse participation. Hackathons promote the collaboration of tech and business experts in solving real-world problems. Having an open, collaborative format, hackathons open doors to professionals from diverse backgrounds to solve challenges together. The best result out of this can be achieved by making it a well-rounded approach for innovation.

Bridge tech and talent gaps:

Hackathons are an effective platform to bring industry challenges and business challenges to light and discuss their solutions. In a world of fast phased digital transformations, businesses need to engage with the latest technology, else risk getting left behind. Hackathons shed light on any talent gap or technology gap that companies might possess. Post hackathon feedback and analysis can help an organization to identify and take action on the areas that need any attention.

Tips: For running a successful hackathon

1. Set a theme or a clear goal

2. Plan ahead on logistics and dates

3. Motivate and engage people

4. Be communicative and responsive

5. Streamline team formation and management

6. Defining and following up on checkpoints

7. Present demos and share the success amongst the organization

8. Have a post Hackathon Plan (Feedback and potential expansion on the hackathon outcome product)