Formula 1 is partnering with the Massachusetts Institute of Technology (MIT) to teach executives about technology and innovation on race days. Formula 1 and MIT will jointly create a technology and education series.
The organisers of top-tier motorsports series 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. According to FI, this F1 Extreme Innovation Series with MIT Sloan Executive Education aims to lift the lid on the leading motorsport series’ high-performance environment to benefit business leaders.
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,” Bratches 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 August 30. The second event in the series will take place at the Formula 1 Pirelli United States Grand Prix in Austin on October 18. An additional four events will follow in 2019. According to the Formula 1, response to the inaugural event is phenomenal and it is currently oversubscribed.
However the second in the series is already planned and will take place before the US Grand Prix in Austin on the 18 October. Four additional events are planned in 2019.