It depends who is running the hackathon. Sometimes the company will give you an API to work with, or a selection of data sources, and sometimes you have to build the APIs too!
The hackathons I have been to have been more about making something fun, rather than a proper product in 1-2 days. You might make something that could with a bit more work might be able to become a product in the future, but generally speaking the most things that do well are slightly silly, simple things.
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It depends who is running the hackathon. Sometimes the company will give you an API to work with, or a selection of data sources, and sometimes you have to build the APIs too!
The hackathons I have been to have been more about making something fun, rather than a proper product in 1-2 days. You might make something that could with a bit more work might be able to become a product in the future, but generally speaking the most things that do well are slightly silly, simple things.