The Power of the Ideathon

In just 1 week, Cookhouse Labs will launch WinterHack 2020: Global Design Thinking Ideathon in partnership with InsurLab Germany and msg!

Winterhack 2020

From our experience with hosting (physical) ideathons in previous years, we’ve found that these events are a great way to get innovators’ creative juices flowing. While there are prizes and glory at stake, there are many additional cool benefits to getting involved in WinterHack 2020. Let’s check out those benefits!

1. Time crunch encourages focused innovation

Most innovation projects span several weeks, where team members meet occasionally for a few hours to discuss their ideas. In an ideathon, innovators are aware they must present a prototype within 2 days and successfully sell their idea to the judges, meaning little time must be wasted on discussion. The ideathon’s 2-day time crunch encourages innovators to timebox, allowing them to complete tasks within predetermined fixed times.

2. Hackers build holistic solutions

The solution should go beyond solving the problem; innovators must adopt a holistic approach when developing the solution. Many aspects of the business model must be considered, such as the target group, the marketing plan, and how to finance product development. The solution will be evaluated against diverse judging criteria, including ease of implementation. There are many aspects to consider but only 2 days at hand, creating an exciting challenge!

3. Experience Design Thinking in action

Many ideathons do not have a guided process, but at Cookhouse Labs, we want to maximize the experience and use a methodology that fits into the 2-day timeframe. We’ve used Design Thinking in projects that range from ½ a day to 3 months, meaning we know how to tailor the method to fit any project duration. Through our workshops, participants will learn how to:

  • Empathize with the end-user to understand their needs
  • Map out the customer journey
  • Define the real problem
  • Build their prototypes
  • Test their solution on real users, and
  • Create compelling final presentations

We’ve found that following the methodology leads to better results than simply jumping into coding the solution. Our workshops are designed so that one team member can attend while the remaining members continue to develop the solution, thereby making the most of the time available.

4. Learn and build meaningful connections in the process

Mentors are subject matter experts who provide valuable industry knowledge to guide teams towards holistic solutions. Many of our teams are comprised of student hackers, and this is an incredible opportunity to learn from industry veterans and build meaningful connections that can lead to internships and career opportunities.

Mentors are in the unique position to show students how exciting the insurance industry can be! Our brilliant student teams have their own in-depth knowledge of analytics, AI models, and technology, and as a Mentor, you will see what our young talent can bring to the table.

5. A single problem will inspire many innovative solutions

WinterHack 2020 focuses on digital ecosystems in insurance, a major opportunity for the industry to innovate and adopt exciting technology. An internal team addressing this opportunity will likely develop a single solution, but by the end of the 2 days, industry experts will have access to a variety of solutions created by the teams. Often, the output is very robust, especially if team members have coding and design experience. The ideathon is an opportunity to collaborate with our teams to further develop these solutions into viable products which can potentially solve your organization’s challenges and positively impact the industry.

Don’t miss out on the opportunity to join this exciting global ideathon – click here to learn more about how you can participate in WinterHack 2020!