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How about a hackathon sponsored by an open source project? Where everyone spends the allotted time contributing some improvement to that project. Seems like fun, something I would participate in, and the sponsor potentially gets a lot of benefit for cheap/free.

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OpenBSD hackathons have been held at least once per year for ~17 years [1].

[1] http://www.openbsd.org/hackathons.html

Should also add that they are a very different type of events than the ones outlined in this post. Competition is replaced by collaboration. Prizes by internal reward. Junk food by beer drinking.

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