Book contents
- Frontmatter
- Contents
- List of figures
- List of tables
- List of plates
- Acknowledgements
- Note on the reference system
- The Grand Prix experience
- 1 Introduction
- 2 Why Formula 1 motor racing?
- 3 The performance framework
- 4 The war for talent
- 5 Winning through teamwork
- 6 Capability through partnerships
- 7 The high-performance organisation
- 8 Integrating
- 9 Innovating
- 10 Transforming
- 11 Achieving and sustaining performance
- 12 Twelve business lessons from Formula 1 motor racing
- Appendix A Grand Prix Champions 1950–2008
- Appendix B Grand Prix Graveyard 1950–2008
- Appendix C Interview respondents
- References
- Index
- Plate section 1
- Plate section 2
9 - Innovating
the drive for continual change
Published online by Cambridge University Press: 05 August 2013
- Frontmatter
- Contents
- List of figures
- List of tables
- List of plates
- Acknowledgements
- Note on the reference system
- The Grand Prix experience
- 1 Introduction
- 2 Why Formula 1 motor racing?
- 3 The performance framework
- 4 The war for talent
- 5 Winning through teamwork
- 6 Capability through partnerships
- 7 The high-performance organisation
- 8 Integrating
- 9 Innovating
- 10 Transforming
- 11 Achieving and sustaining performance
- 12 Twelve business lessons from Formula 1 motor racing
- Appendix A Grand Prix Champions 1950–2008
- Appendix B Grand Prix Graveyard 1950–2008
- Appendix C Interview respondents
- References
- Index
- Plate section 1
- Plate section 2
Summary
It’s a mindset that demands that the company be structured to deliver results quickly, to constantly innovate and also not be afraid to give up on something if it’s not working more or less immediately.
Scott Garrett, Head of Marketing, Williams F1Formula 1 is a global motor-racing spectacle where each team relies on technology and the ability to continually innovate, in order to outpace the competition. Innovating is concerned with continuously enhancing performance. It is about creating new opportunities, whether these are related to a product, technology or process. The point of innovating is to create new sources of performance, to find new ways of doing things that may improve both the efficiencies and effectiveness of the organisation.
Innovation in Formula 1 is usually thought of strictly in terms of technology, but the sport has in recent years witnessed remarkably creative ideas in the marketing arena. The impact of Red Bull’s involvement in Formula 1, for example, has not just been related to an injection of cash, it has introduced a number of marketing innovations to Formula 1, as described by Team Principal, Christian Horner:
Red Bull has brought a very refreshing appeal back to Formula 1 with the introduction of concepts such as the ‘energy station’, an open-house facility that is open to any F1 pass holder, which was unheard of previously. We also have some fun initiatives that we have partnered with film promotions, Formula Una [a Formula 1-based beauty contest] or the Red Bulletin [a daily newsletter printed during a Grand Prix weekend], so there’s so many initiatives that Red Bull has brought to Formula 1 which I think without which Formula 1 would be a much duller place.
The ability of any Formula 1 team to innovate is as fundamental as its ability to put a racing car on the grid. It has no option but to continually develop, both its cars and its ways of operating, in order to stay ahead. Chapter 2, Figure 4 shows the speed of the leading qualifying car (pole position) for the Monaco Grand Prix, which has always been held in the luxurious city of Monte Carlo.
- Type
- Chapter
- Information
- Performance at the LimitBusiness Lessons from Formula 1 Motor Racing, pp. 152 - 177Publisher: Cambridge University PressPrint publication year: 2009