Came across this blog (http://www.startuplessonslearned.com/2011/02/month-is-fifteen-weekends.html) which talks about lean startups (http://boston.theleanstartupmachine.com/). Sounds something similar to hackathon.
Here are some links:
http://www.slideshare.net/sk2185/san-startup-machine-presentation-4779224
http://blogs.reuters.com/small-business/2010/04/27/top-5-myths-about-the-lean-startup/
http://startup-marketing.com/the-startup-pyramid/
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