Success Criteria For A Hackathon
- Participation rate: The target should be set after analyzing similar events within the same corporation and consider things like timing and focus.
- Volume of Ideas.
- Percentage of Actionable Ideas: the percentage of ideas that are worth further investment from a business point of view.
- Percentage of Business opportunities: the actionable ideas that proved to be valuable business opportunities worth of further investment after post-processing.
- Percentage of IP-generating projects: those projects eligible and valuable for patent protection.
- Conversion rates: the whole batch of ideas/concepts/projects generated should be monitored as a ‘cohort’ against time. This way ideas originated from a particular hackathon event but delivering value only after a period of time, will be also measured as successful outcome.
- Opportunities for publicity: measures of ‘media attention’ from the hackathon event.
- Team impact: as captured from formal feedback processes offered by participants and stakeholders. This allows many different analysis including the effect on team dynamics and morale.
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Steps To Running A Hackathon
- Announce the hackathon with clear messages and strong sponsorship from the leadership.
- Frequently and consistently communicate updates on the timeline of the event, the number of participants, the availability of the resources.
- Provide self-service tools for ...
Setting The Objectives Of A Hackathon
The main objective is to generate high-value actionable business ideas and product concepts. But a hackathon should also boost the innovation culture and further establish the idea-sharing, effective collaboration and creativeness driven by enthusiasm towards a shared goal.
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