Bringing Formula 1 thinking to the corporate boardroom
The relentless pace of Formula 1 innovation is legendary. Performance on track depends on the constant examination and improvement of every aspect of a complex machine and its track team in order to gain a small but significant edge on rivals, who are themselves all striving in the same way. Competition is so fierce in F1 that the sport’s HQ have launched a series of management events aimed at bringing some of that constant innovation thinking into the business world.
It’s not as far-fetched as it might sound. F1 itself is a phenomenally successful business, so it’s not as if they are trying to get a greasy mechanic to explain innovation to suited CEOs. They have enlisted the help of management experts from MIT to ‘translate’ innovative F1 thinking for the corporate boardroom.
What makes these events particularly exciting is that they take place at F1 race weekends. The first will be at Monza on August 30th and covers Winning Against Intense Competition – how a race is won with analytics and decision making. The next is at Austin, Texas on October 18th and deals with Building A Winning Platform – How to build a winning team with people and technology.
Four events are planned for 2019, titled:
Winning Against Intense Competition
Building A Winning Platform
Winning With Resilience
Launching The F1 Extreme Innovation Series, Sean Bratches, Formula 1 Managing Director, Commercial Operations, said: “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.
“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.”
Ben Shields, Senior Lecturer, MIT Sloan School of Management and Faculty Director for the series said, "Collaborating with Formula 1 on this unique learning series is an exciting new way to educate business leaders worldwide. We are thrilled to be bringing MIT faculty to teach at Formula 1 circuits, and working with Formula 1, we look forward to offering lessons in management, innovation, and technology that are applicable to a wide variety of industries."
The series is a truly unique opportunity to learn MIT management frameworks in combination with the speed of Formula 1, giving delegates access to one of the most envied academic institutions and innovative sports in the world."
The sessions will be held under the Chatham House Rule to maintain anonymity and freedom of expression.