Hackathon prize money keeps rising each year as organizations learn to take advantage of their value. Runner-up cash prizes are now in the thousands, and grand-prize payouts are as high as $1 million.

As the gospel of Silicon Valley-style disruption spreads to every sector in the economy, so too have the industry’s favorite competitive ritual, hackathons. The contests, where small teams of “hackers ...

Over the years, I have led or participated in nearly a dozen hackathons and have seen firsthand the benefits they deliver for companies and customers. The concept of an organized "hackathon" actually ...