Should we support the return tech competitions? (Compreneuers)

this article on techcrunch has brought up memories of local tech in its heyday:

Back when hackerthons we all the rage in Kenya there was undoubtedly an excitment in the community. The tech community was vibrant. This was the period where we saw Kenya earn the nickname “Silicon savannah”. Some of today’s most recognisable startups were started in this era. Honestly it was a great time to be alive if you knew how to code.To be fair, not many competition era startups have survived. However 90% of new ventures will fail anyway.

It is accurate to say those days gone. Now we are in a more “sober” ecosystem. But more problems have arisen. Incubators have been recording reduced number of applications. People are complaining that it is easier to get funding if you have white members on your team!
For sure if the is anything that can grow an ecosystem, it is money. Thus my question is
Is it time to bring back the competitions?

I think yes