Formula 1 is partnering with the Massachusetts Institute of Technology (MIT) to teach executives about technology and innovation on race days.
The top-tier racing league is launching the F1 Extreme Innovation Series with MIT Sloan Executive Education. The program will be held at select Formula 1 races and will give business executives around the world the chance to learn from F1 experts and MIT management school faculty researchers.
Sean Bratches, Formula 1’s managing director of commercial operations, said the racing league can teach business executives how it has been able to use “rapid innovation” to remain competitive in the crowded motorsports space and how to “embed F1-level innovation within their business.”
“Formula 1 has not just been a sporting triumph, but a blueprint for business success as well,” he said. “On-track performance from our teams relies on relentless technological innovation that corporations can learn from.”
Some subjects on the F1 Extreme Innovation Series agenda include how to gain an edge amid intense competition, how to build a winning platform, how to build a loyal customer base, and how to exercise resilience to succeed. Lessons will touch management, innovation, and technology, and be applicable across a variety of industries.
The inaugural event (which is already full) is set to take place at the Formula 1 Gran Premio Heineken D’Italia in Monza on Aug. 30. The second event in the series will take place at the Formula 1 Pirelli United States Grand Prix in Austin on Oct. 18. An additional four events will follow in 2019.
SportTechie Takeaway
Formula 1’s business and tech savvy has been somewhat overshadowed over the past few years by Formula E, an all-electric racing series that has pledged to propel electric car technology. Formula 1 has launched a number of its own tech initiatives over the years, including putting biometric trackers and cameras in cockpits and launching an esports competition. Now, Formula 1 wants to gain its own philanthropic edge by launching an innovation-focused educational series with one of the best engineering and technology schools in the world.