At times, companies and teams struggle with the implementation of innovation, particularly from a human capital perspective. Innovation is a blur and a large portion is open to interpretation, but the successes of innovation are clearly defined. The expanse of opportunity creates a conundrum for teams to assign roles and opportunity while keeping their eye on the objective. What can Formula 1 teach innovation teams through multiple components functioning seamlessly together at 300 kmph? Read on to find out.

Formula 1. Race cars. Manic engines. Streamlined cars. Long sweeping turns. Fast straights. Explosive starts. Fearless drivers. Experienced mechanics. Formula 1 is arguably one of the most watched events in the world (1.9B cumulative viewers in 2019), captivating the hearts and minds of the young and old. So, how can innovators learn from motorsport in order to drive change?

It’s interesting when you think about it. The overlap between motorsport and innovation. For anyone with a passion for automotive (such as the author of this article), it would seem impossible to create a connect between ground-breaking technology trends and the world of Formula 1. The more it was thought about, the clearer it became that you can, in fact, transplant an innovation team into a Formula 1 team. How?

Purists, please note. This probably is a good place to insert a caveat stating that a few generalizations and assumptions have been factored into the thought process that led to the writing of this article that you may or may not agree with.

There are, of course, specific nuances that do exist in Formula 1 and across innovation as well. These nuances help in giving one company or driver an edge over the next, but these will be overlooked for the sake of this article.

The criteria for success for Formula 1 teams and innovators are closely aligned. Grow revenues (by winning races), boost the customer base (of team sponsors) and minimize attrition (don’t lose drivers to other teams). Both innovators and racing teams have access to similar skillsets, available across companies and teams. Yes, some drivers are better than others (as are corporate innovators) but let’s focus on their key skills such as being able to handle a race car at 300 kmph.

The technology, too, is similar. The engines for all intents and purposes put out similar amounts of power and other facets such as different tyre types, the DRS (Drag Reduction System) and KERS (Kinetic Energy Recovery System) are available to all teams. Likewise, innovators have access to the same technology as their emerging disruptors are utilizing. It’s just a question of where and when it is being applied.

There is also the capital aspect. Some teams have access to huge amounts of capital while smaller teams struggle to match the bigger players in the same. Similarly, incumbent innovators have access to capital while emerging technology companies can raise the capital needed to meet their objectives.

Now, for the team. What roles would an innovation team fit into while setting up for a Formula 1 race?

Team Principal/ Team Owner

The team owner establishes the overall objective for the team and ensures that everyone is working towards the ultimate success of the team. Much like a Chief Innovation Officer, they are not involved in the small hiccups that the team encounters but hold everyone accountable to their responsibility to build an efficient and successful team. Being the face of the team, this role can result in being put in positions of great fanfare but also embarrassments during times of failures.

Car

This is the innovation, the earth-shattering product or service that will (hopefully) keep competitors up at night, working on a solution to better what the team has put together. It is a culmination of everyone’s efforts, highlighting the combined result of numerous skillsets and extensive experience.

Track

Like consumers and markets, the track is the perfect combination of predictable and unpredictable. The turns and the straights still remain the same – but the many environmental factors that influence what the track looks like on race day.

Sponsors

This is one term that can be used across innovation and Formula 1. Providing access to knowledge and capital, sponsors can make or break a team (i.e. project). Riding the wave, they ensure teams benefits during times of success and apply the pressure needed to rectify issues along the way.

Mechanics

Akin to product designers, they create a tangible product of what starts out as a vision, testing and retesting it for success in the real-world. They are the brains behind the actual product, making it ready for market and ready to ship.

Pit Crew

These are the agile members of the team. They make changes to the product or service once it hits the market and customer feedback has been evaluated. They must be super quick so that that their changes reflect exactly what track (consumers and market) conditions require competitors do not take the lead away from them.

The Driver

With reflexes and the expertise to make meaningful decisions in a chaotic environment to bring it across the finishing line, the driver is much like the lead of any innovation project. Providing on-the-go feedback to make the necessary changes according to the situation, the driver is arguable responsible for the ultimate success of the car and team.

It’s clear that all things being equal, an innovation team can in fact, be transplanted into a Formula 1 team. Identifying what role and what task is important to you depends on your company and industry, but the overarching concept of innovation is this: allow people to function within environments the foster the best of their abilities without imposing restrictions that are alien to the space. That is when true results in the form of innovative solutions are delivered.