In today’s age, where technical innovation is paramount for enterprises of all sizes, hackathons are a perfect way to innovate to stay ahead of the curve. Out of the 1000+ hackathons conducted annually around the globe, 48.5% of them are conducted by private companies considering the many benefits hackathons offer businesses.
There is no better example of tangible innovation resulting from hackathons than at two leading tech giants, IBM, and Microsoft. Both these companies sponsored or conducted many blockchain hackathons, including the Dutch blockchain hackathon, the world’s biggest blockchain and AI hackathon. Taking inspiration from past hackathon experiences, IBM launched Hyperledger Fabric Version 1.0, and even Microsoft introduced its open source blockchain framework, Coco.
In simple words, a hackathon is a time-bound event where technology professionals and computer programmers of an organization collaborate in teams or participate as individuals and compete to brainstorm and solve a technical challenge. In this process, they design, build, and develop an innovative solution, product prototype, or pitch a final concept.
Empowering your workforce with internal hackathons can help boost creativity and encourage faster innovation. If you are still not convinced whether you should conduct hackathons for your employees, here is the list of top 5 benefits to getting you motivated:
Drive Innovation and Creativity
When it comes to innovation within your organization, internal hackathons are unbeatable. It provides a collaborative platform where your employees can showcase talent, think creatively, and generate new ideas that translate into becoming successful products or services.
Furthermore, during hackathons, when your employees work as a team to solve a problem be it developing cloud applications or shifting infrastructure to the cloud they bring to the table different approaches, angles, and perspectives which helps in building multiple solutions to a single business problem. Before rolling out new offerings, even social media giant Facebook organizes hackathons to ensure the best solution is curated for internal and external use. As per reports, Facebook conducts one hackathon per quarter and has organized 50 major hackathons and more than 80 worldwide.
Facebook Hackathons produced platform features like “Donations,” “Safety Check,” and even the “Like” button, demonstrating the potential value.
Help Identify Employee Potential
Hackathon enables companies to find the right talent for a specific job role. Many companies use hackathons to identify employee strengths, see their true potential and evaluate their areas of opportunity within the organization.
According to a study, 40% of companies use the hackathon hiring process to recruit the best talent and at the same time create a larger pool of qualified talent for future roles and projects.
Teach Employees New Technical Skills
Technology is constantly evolving, and to catch up to the latest technological trends and enhancements, it has become imperative for businesses to upskill employees from time to time.
If you want to teach new skills to your existing employees, then the most cost-effective and efficient way is to conduct internal hackathons. By participating in such interactive events, your employees will not only learn theoretical concepts but also put those newly taught concepts into practice to solve the given problem and add value to your overall business.
Promote Internal Networking and Bonding
Hackathons forge teamwork and collaboration that has become more crucial than ever before in a pandemic world where most companies are working remotely. By organizing such competitive events internally, you can give your employees the opportunity to bond and network while they solve challenges. In this process, participants not only share ideas but also learns to work as a team which eventually improves their performance, contributing to better results and outputs.
Retain and Recruit Talent
Another huge benefit of a hackathon is that it helps retain existing talent and attract new ones. Hackathons provide a competitive environment where employees can work together towards a common goal which makes them feel empowered and gives a sense of accomplishment.
As a result, companies that offer employee development and learning opportunities by conducting online hackathons are preferred more by professionals than those who do not provide such scope for further skill and career growth opportunities.
How Can CloudThat Help Conduct Internal Hackathons?
At CloudThat, we are committed to helping you source the top talent for your projects to boost productivity and improve business ROI. Many leading Fortune 500 companies have tried and tested our virtual hackathons and begun their talent nurturing process towards innovation and excellence.
We have an expert team of hackathon event managers and experts to help organize a successful corporate hackathon aligned to your business goals and strategies.
Key Features of Our Hackathon Platform:
- An all-in-one virtual platform accessible from anywhere.
- Customized problem statement on Azure and AWS as per your requirement.
- Automated evaluation and assessment to streamline the entire process.
- Global leaderboard to track, measure and rank participant performance in the event.
Hackathons help you identify talented employees, train new hires, and hire top performers to unlock their capabilities and potential. If you have missed out on opportunities due to the existing skill gap and shortage of skilled talent, it is time you add them to your employee learning and development toolkit.
Is your organization ready to unlock the benefits of a hackathon?
We invite you to conduct internal, corporate, or private hackathons within your organization with the help of our expert team. Reach us to avail FREE Consultation on organizing internal hackathons for your team!