Finding my way to entrepreneurship (Part 5)
Hackathons: my launchpad into entrepreneurship
Starting a business can be overwhelming. Where do you begin? This is a question many aspiring entrepreneurs, myself included, often struggle with. Many of us may have a notes page on our phones where we have all these business ideas but have this fear of not knowing where to begin. For me, the answer came in an unexpected form: a hackathon. Let me tell you how participating in a hackathon became the birthplace of my business idea, Mongo.
The Hackathon Concept
Contrary to popular belief, hackathons aren't just for coding wizards. They are, in fact, creative playgrounds where people from all walks of life come together to brainstorm and build innovative solutions. This was my revelation when I attended a hackathon hosted by the London Business School's Entrepreneurship Club.
Day One: Hack@LBS
In January 2023, almost 100 participants gathered at Nuffield Hall, LBS’ largest venue hall, for the event. The crowd wasn't just made up of business students; it included a diverse mix of individuals from the greater London area. Our first evening began with an insightful session by BCG X, highlighting the intersection of technology, design, and entrepreneurship, followed by a networking session.
Forming a Team
I arrived at the hackathon with a rough idea: a business focused on financial education for young adults using gamification. Pitching my idea around, I managed to form a team of five by the end of the first night, including MBAs and a professional from the film/media industry.
Here’s a pic of my final team from the Hackathon!
Day Two: Developing and Building the Idea
On Saturday morning, we hit the ground running. We discussed our target demographic and brainstormed how our solution could address their needs. The team split tasks between market research, branding, logo design, and user experience (UX). We used Figma to start building a prototype, and one of our team members, a UX designer, began translating our ideas into a clickable prototype. During a hackathon, you don’t have to develop an app or product over night but you can find creatives ways to showcase your idea. We chose to leverage our team’s skill in UX design and build a a prototype of an app through a design platform.
We had an in-depth white-boarding session where we outlined all the screens for our app and then Yvette, our UX guru, designed the prototype on Figma!
Engaging with Potential Users
Throughout the day, we actively sought feedback. After getting feedback from one of the mentors at the Hackathon that we need to prove there is a demand for this type of product, we launched Mongo's social media channels and posted TikTok videos to gauge interest in financial education topics. We asked survey questions to our target audience and started creating Mongo content on TikTok! The response was encouraging, showing us a clear need for our solution.
Day Three: Finalizing Our Project
By Sunday, we had a presentation and a functional prototype ready. We submitted our project and were selected to pitch live in front of a 150+ audience and venture capital judges. Presenting our idea was thrilling, and winning first place in our category was the cherry on top and a true validation point for the team.
This was the moment we found out we won 1st place!
Post-Hackathon: Building on the Momentum
The success at the hackathon was just the beginning. Several team members and I decided to keep working on Mongo. We've since developed the app's design and branding, continually building on what we started during that weekend. Now, we’ll be launching the app, which was conceived at this Hackathon! If you’re interested in signing up for our waitlist, you can do so here on the Mongo homepage! We’ll be in the US and UK app store in just a few weeks!
What’s the takeaway here?
Participating in a hackathon was a turning point for me. It's a perfect example of where one can start testing their abilities as entrepreneur in a safe, risk-less environment. It's about taking that initial idea and giving it a platform to grow, surrounded by supportive and like-minded individuals. So, if you're wondering where to start your entrepreneurial journey, a hackathon might just be the place for you.
If you're sitting on a business idea, unsure of where to begin, consider finding a hackathon near you. It could be the launchpad you need for your entrepreneurial dreams, just like it was for me and Mongo.
If you are someone in London or the Greater London area and are interested in Hack@LBS in 2024, please reach out to the Hack@LBS team here for more information!