Discovering sources and approaches in financing hackathons

This study explores the diverse sources and approaches to financing hackathons, aiming to compare financing models for hackathons, emphasizing the influence of event type on various strategies. Employing an ethnographic approach, the research identifies three primary financing strategies-challenge-oriented, community-oriented, and profit-oriented and six key sources, including sponsorships, community contributions, self-funding, grants, investments, and registration fees. The findings reveal that aligning financing with hackathon objectives is essential for the overall performance of the event. Challenge-oriented hackathons require dedicated budgets, community-oriented ones rely on local support, and profit-oriented events must balance financial goals with inclusivity. Sponsorships and partnerships emerge as the most versatile funding method. The study underscores the importance of combining multiple financing sources to ensure resilience and stability. It contributes to the academic understanding of hackathon financing and offers practical insights for organizers, sponsors, participants, and policymakers, aiming to enhance the effectiveness and impact of hackathons in fostering innovation and collaboration.