Collaboration is an essential skill for future education professionals because they will encounter challenges that will require collectively innovative solutions. Thus, this research evaluates the impact of a three-month class hackathon (a one-day event and three post-hackathon workshops) on the collaborative competencies of students of education. Further, the study examines the relationship between the development of collaborative competency and the innovative performance of the student teams (N = 18) that participated in the hackathon. Participating undergraduate students (N = 72) were required to fill out self-reports on five dimensions underlying their collaborative competency, and coaches conducted various observations during the hackathon. The results demonstrate that students’ collaborative competency developed significantly during the entire course period. However, the findings also reveal that some student teams regressed during the hackathon day and overall course period. This study does not reveal any relationship between the students’ perception of collaboration and their innovation ability.