Last year at ETHToronto, we won the biggest cash prize offered by the Hedera blockchain. A total of 20k USD was offered to the most original MVP. Our project : decentralized credit scores. First place was a VC backed amount to start your project but we actually finished in semi-finals in that route.Blockchain hackathons are intense competitions that bring together talented developers, entrepreneurs, and industry experts to innovate and build disruptive solutions on the blockchain. Winning such an event requires a combination of technical prowess, creative problem-solving, and effective teamwork. In this blog post, we will explore the essential ingredients for success in a blockchain hackathon and guide you on your path to victory.
Form a Well-rounded Team: Assemble a team with diverse skill sets to tackle the different aspects of the hackathon challenge. Include developers, designers, and business strategists who can collectively address the technical, user experience, and market viability aspects of your solution. Each team member should bring a unique perspective and expertise that complements the others. You will have to get an idea, build and then pitch a presentation many times.
Understand the Problem Statement: Thoroughly analyze the problem statement provided for the hackathon. Gain a deep understanding of the challenges and pain points it presents. Identify the underlying issues and think critically about how blockchain technology can provide an innovative solution. A clear understanding of the problem is the foundation for a winning solution. At ETHToronto though, you were aloud to build any decentralized project. But there was a correction guide to follow with points. Follow the correction guide !
Ideation and Conceptualization: Encourage brainstorming sessions within your team to generate a wide range of ideas. Explore unconventional approaches and think beyond the obvious solutions. Consider the feasibility, scalability, and potential impact of each idea. Remember, you only have 24 hours to make it happen, which includes sleep !
Focus on a MVP (Minimum Viable Product): Time is a limited resource during a hackathon. Instead of aiming for a comprehensive solution, focus on developing a Minimum Viable Product (MVP) that showcases the core functionality and value proposition of your idea. Build a functional prototype that demonstrates the potential of your solution within the given timeframe. Your product does NOT have to work
Leverage Blockchain Technology: Utilize the unique features of blockchain technology to differentiate your solution. Identify how decentralized ledgers, smart contracts, or tokenization can add value and enhance the user experience. Showcasing a deep understanding of blockchain's capabilities will set your project apart from the competition. If you want to win, you should already know about blockchain and have already deployed some smart contracts. We won a massive amount of points compared to others for deploying on the Hedera blockchain as most of the teams did not achieve this task.
Code is not that important : The most you do, the best it is. But you will not lose that many points if your product does not really work but is wooing to the crowd at the presentation time
Prepare a Compelling Pitch: A winning solution needs a compelling pitch to captivate the judges and audience. Craft a concise and persuasive presentation that clearly communicates the problem, your solution, and its unique value proposition. Highlight the impact and benefits of your solution, backed by data and user feedback gathered during the hackathon. This is probably the most important part of them all.
Practice and Refine: Practice your pitch multiple times, ensuring each team member understands their role and delivers their part effectively. At these hackathons, there are mentorsSeek feedback from mentors or peers to refine and polish your presentation. Incorporate their suggestions to make your pitch more persuasive, engaging, and memorable.
Embrace Collaboration and Adaptability: Throughout the hackathon, collaborate and communicate effectively within your team. Be open to feedback, adapt to unforeseen challenges, and iterate on your solution based on the judges' or mentors' insights. Show a willingness to learn and improve, even in the face of time constraints.
Network and Learn: Take advantage of the hackathon environment to network with industry experts, mentors, and fellow participants. Engage in conversations, seek advice, and build connections that may prove invaluable beyond the hackathon. Learning from others' experiences and gaining insights from industry leaders can further enhance your future endeavors.
Conclusion: Winning a blockchain hackathon requires a combination of technical expertise, creative thinking, effective teamwork, and a compelling pitch. By forming a well-rounded team, understanding the problem statement, leveraging blockchain technology, and presenting a polished MVP and pitch, you increase your chances of securing victory. Remember that a hackathon is not just about winning, but also about learning, growing, and establishing connections in the vibrant blockchain community. Embrace the challenge, seize the opportunity, and embark on your journey to hackathon success. Everyone is present to have fun, learn about the community and network. Good luck !!