Offering prizes for your hackathon is entirely optional, but understanding why so many successful creators choose to do so can help you make an informed decision.
The Value of Recognition
When you ask candidates to create custom work specifically for your hiring process, you're requesting their time, creativity, and professional skills.
Prizes—whether monetary or not—acknowledge the value of these contributions and set the tone for your working relationship.
Tangible Benefits of Offering Prizes
1. Higher Participation Rates
Our data shows that hackathons with prizes see approximately 85% higher participation rates than those without. This means more talent to choose from and better odds of finding your perfect match.
2. Better Completion Rates
Participants who know their work might be rewarded are significantly more likely to complete their submissions, even when faced with challenges. This results in fewer abandoned entries and more finished work for you to evaluate.
3. Professional Perception
The creative community sometimes views unpaid test work as "free work." Even modest prizes help position you as a creator who values professional work and respects industry standards.
4. Industry Buzz
Attractive hackathons can generate positive word-of-mouth in creative communities, helping your opportunity reach talent beyond just your immediate audience.
Prize Structures That Work
Based on successful hackathons on our platform, these prize structures have proven effective:
Tiered Monetary PrizesAs an example:
- 1st Place: $500 + job offer
- 2nd Place: $250
- 3rd Place: $100
Non-Monetary Incentives
- Personalized feedback for top 10 submissions
- Public shoutout and recognition on your channels
- Featured portfolio placement on Roster (this is a default given!)
Real-World Success Story
When Jenny Hoyos (8M subscribers) launched her Video Editor hackathon, she offered a combination of monetary prizes and the job opportunity. She promoted both the challenge and the prizes in her Instagram announcement.
"I've used so many different platforms and never had any luck finding a Video Editor. Not only did I find one, but I found two editors after 48 hours of using Roster's hackathon feature."
The results were remarkable:
- 3x more submissions than she anticipated
- Significantly higher quality work than she had received through traditional applications
- A diverse pool of candidates with varied approaches to her content
- Multiple submissions she described as "immediately hireable"
Jenny found that the prizes created a professional atmosphere where candidates felt their skills were being valued, not exploited. The investment in prizes yielded returns many times over in the quality of talent she was able to discover.
On Roster, those who place in a hackathon are credited on their public profiles, which becomes valuable professional recognition visible to other creators seeking talent—another non-monetary benefit that participants greatly appreciate.
Related Articles
- What is a Hackathon?
- Job post vs Hackathon
- Hackathon 48-Hour Pre-Registration Period
- Promoting My Hackathon
- Hackathon Assignments
