Question 7: Explain why, Hackathon can be made an element in digital transformation?

In addition,
draw the virtuous cycle Hackathon creates to generate idea and bring innovation.
Answer: HACKATHON: Hackathon, is a combination of the words “hack” and “marathon” and is
typically seen as interactive sessions of one or two days where eager tech entrepreneurs and software
developers combine forces to create new applications or features. At DBS, the Hackathon was a three
day event which brought along executives (Vice Presidents etc) and start-up together to generate ideas
for a business challenge. Participants would come, ideate, interact and then experiment their ideas.
HACKATHON: WHY CAN IT BE AN ELEMENT IN DIGITAL TRANSFORMATION?
Hackathon works on the principle of ideate, prototype, build, and validate, code, more ideation and so
on. It gives senior executives and start-up a chance to come together and learn, do and again learn and
do, coupled with grueling ideation sessions and long coding nights. Large companies, hold internal
Hackathon to promote new product innovation by the engineering staff and break through
organizational inertia. For example, Facebook’s like button was conceived as part of a Hackathon.
Hackathon is envisioned for not only innovation but as a means to greatly accelerate the process of
digital transformation. By its nature of short powerful change and innovate session, it enables large
organizations to innovate processes and products at the speed of startups.
At DBS the Hackathon’s attracted about 120 vice president’s and more than 40 start-ups which led to a
total of 50 prototypes in various areas of banking, marketing etc. It helps the organization to step out
of the corporate world and create MVP’s from prototypes in a speedy and agile manner which helps
employees to learn more, do more and get involved in revamping the organization. It helps to break
down the walls between different departments like marketing, product and services etc. and helps to
create an achievable idea and solve problems which an organization is struggling to solve from a long
time. For example, in banking industry if students, entrepreneurs, coders and developers work
together to design and develop innovative solutions addressing business challenges like Blockchain, AI,
Chat Bots, Big Data or WealthTec it would accelerate the digital transformation of the bank.
VIRTUOUS CYCLE OF HACKATHON:
In order to keep the burner of learning and doing going, frequent meet-ups posts Hackathon are
required also post and pre Hackathon planning leads to greater results. Virtuous cycle means if
something good starts to happen it will lead to other good things whereas the initial one continues.
As Hackathon gives executives and employees to innovate, come out of their corporate culture and
implement hypothetical ideas and discussions it motivates and attract more and more no of
employees. It’s basic working principle allows them to ideate, build, validate, code and do more
ideation, coding and come up with new prototypes which adds to innovation in the organization.
 REPEAT (LEARN AND REDO, ADD NEW FEATURES)

IDEATE COLLABORATE DESIGN RAPID PROTOTYPE GOOD APPLICATIONS

TESTING