Since 2017, venture capital investment firm ARK has been publishing its annual Big Ideas survey of current trends in disruptive innovation that have great market potential and have a major impact on the global innovation market. We have studied the research report for 2021 and are ready to share with you the most impressive findings and the most daring predictions from it. Which of this will come true and which will not – time will tell!More
What tasks can a company set for working on a hackathon?
These can be pressing “pains” of the company, which require elaboration of ideas and programming. For example, it can be the development of a prototype of a product or a technological solution for subsequent implementation in the business model of a corporation.
Why do companies use hackathons to solve such problems?
Usually, hackathons are organized in cases where the company cannot find the right solution on its own in a short time. In a hackathon, which usually involves more than 100 people, teams of professionals are able to solve almost any business problem rather quickly.
Can teams prepare for the hackathon?
It depends on the hackathon. The organizers may not disclose in advance the main task of the event before its start, instead, announce only the topic and partner companies. This is done so that teams cannot prepare in advance and have an advantage even before the start of the hackathon. Also, developers often note that unexpected tasks and stressful conditions help to find extraordinary and sometimes ingenious solutions. However, now more and more organizers prefer to describe all tasks in advance and very specifically, indicating information about the resources that will be provided to the participants and the expectations of partner companies. In this case, teams can adequately assess their capabilities in advance, which makes it possible to exclude participants who do not have sufficient knowledge and skills to solve the task.
How are the winners determined?
All teams present their results to the expert jury. At the same time, experts evaluate not only the development itself, but also the composition of the team, the level of presentation and structuring of information.
Why should teams participate in hackathons?
Participants who have proved themselves worthy at the hackathon can receive an offer to work in the organizing company. If the team represented their own startup, such a project has a chance to attract investment. It is also another great opportunity for networking and meeting future business partners. Participants in hackathons not only test their skills, but also seriously pump them up in the process of promptly searching for the optimal solution. And, of course, do not forget about the prize fund, which is distributed among the winners and can be used for the further development of the project.
What other benefits do corporations get?
In addition to the main goal – a rapid development of the technological solution required by the company – the corporation gains other valuable advantages. For example, a hackathon can kickstart innovation within a company. Also, such events are an excellent opportunity for recruiting, since solving the problems of the hackathon allows you to really assess the level of participants and their potential. As a result, the company receives a list of dozens (and sometimes hundreds) of highly qualified specialists who are ready to take on innovative directions in the company.