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Hackathons might be essentially useless but are great "innovation theater"
Born out of Silicon Valley startups, large-scale internal hackathons rose in popularity among corporations over the past decade as a way to tap into this store of ideas and crowdsource innovation. There have been countless examples showing the value of hackathons and their ability to generate substantial rewards. Tech behemoths such as Microsoft and Facebook have rolled out products and features that were generated from hackathons.
TD Ameritrade’s CIO argues that for every successful “like”-button-type concept that’s developed from a hackathon, a lot of work is put into ideas that never make it past the day of the event.
Their new innovation framework takes a customer-centric view to identify areas of opportunity where there are market gaps and uses a test-and-learn, iteratively funded approach to uncover new ways to fill them.
Read on fastcompany.com
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