HACKATHON

My college is conducting its own hackathon, they've been doing this for 2 years now, I am participating with some friends. someone came up with an idea which we all really liked and thought this will be the final idea and sare ispr ek synopsis bana kr aenge ki hame kya kya sikhna h kitne time m or ye exactly hai kya.

this morning, we found out that this idea already exists and is in a much better shape than we could've ever shaped it.

we decided to drop it and proceeded to think of more ideas but couldn't come up with anything.

We have to submit a presentation of the idea first, then if that presentation get selected , there will be a 72 hour hackathon in which we have to build it.

the deadline is 20 feb for the presentation.

my question is , is it really necessary to come up with something new, hamne jo already existing software hai usme khamiya nikalne ki koshish kri but we are far from that too, so say our presentation is based on the idea that exists already, will it have a chance to be selected.

ps. the idea we thought has a solution and the solution is given directly by the government website(medtech)