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Bernie Ecclestone's Formula for Formula One

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Bernie Ecclestone's Formula for Formula One
VIRÁG SZOMORA

EXAM NR.: 319595

2013 JANUARY

MANAGEMENT OF TECHNOLOGY ASSIGNMENT #3 BERNIE ECCLESTONE’S FORMULA FOR FORMULA ONE
UNIVERSITY OF SOUTHERN DENMARK 2013 JANUARY

1

VIRÁG SZOMORA

EXAM NR.: 319595

2013 JANUARY

„They say Formula One is a market which it can’t be, obviously. Our market is independent, it’s a sport.” (Bernie Ecclestone)

Formula One is one of the biggest businesses in the world since the 1980s. The motor racing sport itself is more than a century old, and through these years it carried out, survived and fought lot of changes, innovation and development. Since the first Grand Prix in 1906 in Le Mans (won by the Hungarian-born Ferenc Szisz with Renault) almost everything around the sport was changed. However, cars, drivers and audience stayed. But everything else, like rules, places, teams, and suppliers were changed, added and developed through the years until it reached its format that we all know today. Formula One gathered a huge ecosystem with lots of players and participants like sponsors, promoters, teams and so on. In this paper I will try to analyze this ecosystem and the changes using the tools and frameworks provided by two books: The Wide Lens by Ron Adner and The New Age of Innovation by C.K. Prahalad and M. S. Krishnan.

THE WIDE LENS APPROACH IN THE FORMULA ONE CASE 1. The innovation risk framework As I already mentioned, the original Grand Prix evolved into an extended ecosystem with lot of different participants and lot of different interests, from motor racing to Formula One, from a sport to an empire. This change needed several steps of ecosystem reconfiguration. The original path to market:

Grand Prix

Motor Racing Teams

Viewers

For today this path was extended with other players, thus with other risk factors. Execution risk arises from teams and automakers, without their participation there would be no cars or no drivers. Also the participating countries mean execution risk as well as
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