I thought people bring stuff that’s almost done anyway, fiddle on it a bit, but mostly just socialize, then present the great thing they supposedly hacked together in the end.
I’ve never participated in a hackathon with a 1st prize worth over $500, and I’m not sure I’d want to. But I guess if I had a bunch of random unmonetized projects sitting around then entering them into high-prize-value hackathons could be a way to shop them around. I’m just not sure why an organization would call an event like that a “hackathon.”
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