We are living in a time where technology is advancing at an exponential rate. It seems like we are always on the verge of some new breakthrough. To stay ahead of their competitors, businesses have to be constantly innovating. 

To innovate, for many companies, means spending a lot of time and money on R&D. For others, open innovation is the way to go. Open innovation allows organizations to source the best ideas without having to spend thousands on expensive consultants or hiring new employees.

So why host a hackathon? Here are 6 reasons to host your own hackathon.

1. Work with Some of the Best Developers in the World.

If you’re looking to work with some of the best developers in the world, and build a pipeline of top tech talent, then a hackathon might be right up your alley. Not only will you be able to tap into the expertise of those top developers, but you’ll also be able to build sustainable relationships, potential partnerships, or hires. You will get to work with those talents on industry-related challenges and employ their expertise to build solutions that work for your organization.

2. Engage your team and learn more about them.

Another reason why hosting your own hackathon is an essential thing is because you’ll learn a lot about yourself and your team. By doing so, you’ll gain insight into how each member of your team works, what motivates them, and what makes them tick. These insights will help you better understand your team members and make decisions that will benefit everyone involved.

guys working on their laptop during a hackathon

You will also build your team’s collaboration skills. Teams often find themselves stuck when trying to innovate. This is because they lack the skills needed to collaborate effectively. A hackathon gives them the chance to work together and build collaboration skills.

3. Gain Insight Into Industry Trends.

One reason why you should host your own hackathon is the chance it gives you to work with other professionals in your industry. This helps you gain insight into what’s happening in your field. You’ll also find out what trends are emerging and how these trends might affect your business.

Working with teams outside your organization will give you a fresh perceptive. Hackathon participants are usually bright talents who are passionate to create something unique and valuable. They will bring amazing insights into your organization.

4. Find New Partnerships.

If you’re looking to expand your network, you should consider hosting an innovation hackathon. This event gives you the opportunity to meet people who share similar interests as yours. It will allow you to work together on solving a real-life problem that is relevant to all parties, which will create a space for potential collaborations.

5. Create New Products or Services.

Innovation hackathons are a great way to spark creativity and develop prototypes in no time. Developing new products or services gives you the chance to test out new ideas before investing too much money into them. The hackathon can focus on building new products that solve problems aligning with your organization’s vision.

You can also focus on improving the customer experience of your current product. Finally, you can use all ideas generated from the hackathon to add to your product roadmap.

6. Learn From Each Other’s Experience.

If you’re looking to learn more about innovation, consider hosting your own hackathon. It will give you the opportunity to meet people who are passionate about innovation and share their knowledge. While mentoring and monitoring the teams, you will gain great insights into what works and what doesn’t.

In conclusion, there are several reasons why hosting your own hackathon is a smart move. First, you’ll have more time to spend on the project itself. Second, you’ll have access to the best talent available. Third, you’ll be able to build a community of people who share your passion for technology. And finally, you’ll gain invaluable insight into what makes your customers tick.

We would love to help you plan and launch your own hackathon, chat with us or book your free consultation session to get started!