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Formula 1 And MIT Events Promise To Deliver Innovation Insights To Business Leaders

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Formula 1 and the Massachusetts Institute of Technology (MIT) are partnering to offer a series of events that will offer business leaders an insight into the innovation and technology that characterizes the world’s most popular motorsport series.

It’s the world’s most advanced sport, with teams spending hundreds of millions of dollars in R&D on technologies that shave just fractions of a second off lap times.

This might involve anything from intense data analytics and wind tunnel testing to better communications technologies and 3D printers in the paddock. Intense competition between drivers and teams means that any possible advantage can make a difference.

F1 and MIT

For example, McLaren is using new radio technology that boosts communications, reduces weight and improves aerodynamics for the 2018 season.

Meanwhile, Formula 1 Management (FOM) itself is investing significant amounts in new technology as it seeks to expand the sport. There is a recognition that previous owners have failed to invest significantly in digital technology, a fact that has spurred the current drive and resulted in the appointment of a ‘head of digital’.

But a recent deal with Amazon Web Services (AWS) is allowing it to increase fan engagement, launch its own over-the-top (OTT) video service and virtualize its infrastructure onto the cloud so it can operate more efficiently on a global scale.

The ‘F1 Extreme Innovate Series’ events promise to marry this technological expertise with MIT Sloan School of Management Executive Education’s experience in applied business frameworks so participants can innovate at a level that makes “startups look slow” by bringing together data, science and innovation to learning how to exploit every tiny advantage.

“The pace and change in the business landscape has never been more competitive, and to gain the edge it is essential that rapid innovation is central to a business’ core,” said Sean Bratches, Formula 1 Managing Director.

“Formula 1 has not just been a sporting triumph, but a blueprint for business success as well. On-track performance from our teams relies on relentless technological innovation that corporations can learn from. Together with MIT management experts, we’re excited to share these lessons so that the next generation can learn how to embed F1-level innovation within their business.”

Leading Innovation

The first event will be held at the Italian Grand Prix at Monza on August 30, while a second one will take place at the U.S. Grand Prix in Austin later in the year. Four additional events have already been earmarked for 2019, with participants promised insight into how to win in a market with strong competition, how to build a winning platform and how to win customers.

The Monza event will feature members of the MIT faculty, “leading figures” from F1 and former Ford at Boeing CEO Alan Mullaly – who was once considered a candidate for the Microsoft chief executive position filled by Satya Nadella – who will discuss analytics and data-driven decision making.

Formula 1 is viewed by many within the technology industry as a high-profile use case of how their technology can be used on a global scale in harsh environments. Software, cloud, infrastructure, networking and cybersecurity vendors have all been involved in partnerships with teams in a bid to showcase their wares. Dell, Intel, BlackBerry, BT, HPE and AT&T are but a few that can be named off the top of the head.

But the technological advances made within Formula 1 have ramifications beyond the race track. The road car industry benefits significantly from the R&D efforts, while McLaren has set up its own Applied Technologies business to monetize its innovations.

The first event in Monza is oversubscribed. This is partly due to the expertise and knowledge on offer, but one can’t help but think the promise of being able to walk the pit lane, tour the circuit and to enjoy the "finest food, wine and service from world class chefs and hospitality at the F1 Paddock Club” has something to do with it too.

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