Supported by the Marie Curie Actions (Intra European Fellowship - FP7) and partially from the EPSRC grant on "Building better business model" the Formula 1 project was officially started in 2012 under the coordination of Dr Paolo Aversa, one of the leading experts in the Motorsport industry.
Formula 1 is an industry worthy of study in and of itself. F1 is-in fact-the most watched annual sporting series in the world, with more than 525 million people watching over the course of the season. It has an estimate turnover of more than US$4 billion; employs around 50,000 people in more than 30 countries; and embodies the cutting edge of technology in the automotive industry. What is more, the technologies developed for F1 racing are relevant to many other industries far removed from the racetrack. Innovations by leading teams such as Ferrari, McLaren, Red Bull, Williams among others have made their way not only into the regular road car industry (e.g. ABS breaks, aerodynamics, finger-controlled gear shift systems, etc.), but also bicycling (e.g. Ultra-light carbon-fiber composites), the tracking of people in factory shop-floors, hospitals, or sports training for the Olympics (e.g., advanced telemetry systems), advanced engineering (e.g., virtual design and simulators), and even public transportation systems (e.g., flywheel energy storage mechanisms).
Media exposure and impact
Paolo's F1 research featured more than 250 times around the world in international media, including Financial Times, New York Times, BBC, Sky, Forbes, Reuters, Sunday Times, The Telegraph, The National, City AM and the Sidney Morning Herald. In 2014 he was selected as runner-up for the prestigious ‘“EU Marie Skłodowska-Curie Communicating Science Prize” which shortlists the 10 Marie-Curie funded scientific projects that excelled in the outreach to the general public, had the widest coverage in mainstream media, and displayed the most innovative approach to dissemination. Out of the 10 finalists he was the only one from social science.
In 2015 he was finalist for City Research competition and nominated among the "Marie-Curie Fellows of the Week".
Due to its relevance and great availability of official data, Formula 1 represents a perfect field for management research. The Formula 1 project is focusing on two main research trajectories:
1. The multi-level factors affecting firms' technological performance.
2. The relation between technology and business models.
Main academic publications
- Marino, A., Aversa, P., Mesquita, L., & Anand, J. 2015. Driving Performance via Exploration in Changing Environments. Evidence from Formula One Racing. Organization Science 26(4): 1079-1100.*
Accepted for peer-reviewed conferences: SMS 2013; AOM 2013, 2014; EGOS, 2013.
*Finalist EBS-SIIE Best-Paper-Award "Innovation Management" 2015
- Aversa P, Furnari S, Haefliger S. 2015. Business model configurations and performance: A qualitative comparative analysis in Formula One racing, 2005–2013. Industrial and Corporate Change 24(3): 655-676*.
Accepted for peer-reviewed conference: AOM 2014-15; SMS 2014; EGOS 2014, THIS 2014, International QCA Expert Workshop Zurich 2014.
*Selected for the ICC Editor’s Choice.
- Aversa, P., Haefliger, S., Rossi, A., & Baden-Fuller, C. 2014. From Business Model to Business Modeling: Modularity and Manipulation. Advances in Strategic Management. (forthcoming).
Accepted for peer-reviewed conference: CASS 2014, SMS Chile 2015, EGOS 2015.
- Aversa, P. & Haefliger, H. 2015. A Qualitative Comparative Analysis of Business Model Configurations and Performance in Formula 1. Academy of Management Best Paper Proceedings.
Main working papers
- Aversa, P., Santoni, S., Mesquita, L., & Marino, A. 2015. Top Management Teams and Alliance Portfolio Variety. Available Working Paper.
Accepted for peer-reviewed conference: CASS 2015. SMS Chile 2015, AOM 2015, DRUID 2015, PVMI-CAMI 2015.
- Aversa, P., D. Iubatti., G. Lorenzoni, 2014. Absorptive Capacity: Benefits and Contraindications. A Peripheral View of Manufacturing Networks. Available working paper Peer-reviewed conferences: SMS 2011; EURAM, 2011, Harvard 2012.
- Aversa P, Cattani G, Ferriani, S, Marino A. 2013. The Portability of Individual Performance: Do Formula One Drivers Race Faster in a New Racing Team? Working paper. Accepted for peer-reviewed conference: SMS 2014.
- Aversa P, Jenkins M. 2013. Interstitial Spaces as “Primordial Soup” of Cluster Genesis. The Case of the British Motor Clubs. Working Paper.