The Massachusetts Institute of Technology (MIT) in partnership with Formula 1, launch F1 Extreme Innovation Series.
The education series will be held at select Formula 1 race days and teach executives about technology and innovation.
The program aims to lift the lid on the leading motorsport series’ high-performance environment by giving business executives around the world the chance to learn from F1 experts and MIT management school faculty researchers.
Formula 1’s managing director of commercial operations, Sean Bratches, 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 rely on relentless technological innovation that corporations can learn from.”
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 are some subjects that will be covered on the F1 Extreme Innovation Series agenda.
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 with an additional four events to follow in 2019.
According to the Formula 1, response to the inaugural event is phenomenal and it is currently oversubscribed.