Hackathon Quality

Sequoia India used to host a hackathon. That used to be some epic stuff. Lots of really good devs used to come and make some kickass products. Post that I have been to numerous hackathon and it rarely makes a dent in quality of outputs. What do you guys think we can do to make hackathons great again? Most of the events these days are closed events for within a company.

I'll start with some suggestions:

1. Have a decent prize money
2. Output should be judged on factors like completeness, business readiness, quality, usecase definition etc
3. Have good sponsors backing the cause so that we get awareness about the event.
4. Also support good innovation as well. Not like yet another Chat GPT coding assistant

Please add on to this. How can we have a great one again. Looking for ideas and if we end up with a decent suggestion then we can try to setup a hackathon of our own completely.