If you can get other people to use the hashtag effectively, and the hashtag relates to or helps build awareness for your business, it can for sure. However, the important thing to remember about hashtags is they are only as good as how many people use them and how often.
Get other Instagram users to use the hashtag frequently and in a way that is relative to your business goals. the more creative you re the better, more likely to help it go "viral" if people relate to it personally or find it funny. don't just stick with one hashtag either, test out a few and see which ones work best. you can have multiple hashtags for different purposes/objectives too.
hope that helps