Formula 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:

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.