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The Business of Winning – a story of Success

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CPD This content can contribute towards your Continuing Professional Development (CPD) as part of the IET's CPD Monitoring scheme.
Live
  • Duration: 1 hr 16 mins
  • Publication date: 28 Sep 2016
  • Part of series Sir Henry Royce Memorial Lecture Series, IET Prestige Lecture Series

Abstract

Horizontal Innovation is the effective transfer of knowledge and technology from one sector to another. For the last 100 years, the fast-paced, competitive environment of international motorsport has proven to be a veritable ‘vortex of innovation’, for rapid development of innovative practices, processes, skills and technologies, focussed on delivering maximum performance with the greatest energy efficiency, under the most extreme and demanding conditions.

Based on these attributes, there is huge potential to deliver widespread benefits in terms of scale, time to market and relative cost savings to parallel industrial sectors.

Motorsport engineers are insatiably curious, courageous, competitive & embrace failure in order to learn - in fact Motorsport can get you to the point of failure fastest - no other industry uses time, energy and resources more efficiently.

As such the engineers who are developing the very lightest, fastest, most robust and energy efficient vehicles are perfectly placed to share their practices, technologies and processes to further the progress of other industries.

This inspiring talk will explore, in an informative and entertaining manner, future opportunities which Horizontal Innovation will bring.

It will encourage increased cross-sector technology transfer and highlight its important role in solving some of the greatest challenges of today… and tomorrow!

Keywords:
  • Henry Royce
  • MIA
  • adaptive aerodynamics
  • aerospace
  • agile
  • aviation
  • engine technology
  • engineering
  • horizontal innovation
  • innovation
  • marine
  • motorsport
  • motorsport industry association
  • organ transportation
  • prototyping
  • refrigeration
  • technical regulations

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IET News

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Prestige Lectures

Prestige Lectures

Transport

Transport

Speakers

  • Chris Aylett

    Chris Aylett

    Motorsport Industry Association, CEO

    Over the past thirty years, the UK has become established as the world centre for the R&D and innovation needed to succeed in all aspects of world motorsport, where a unique business cluster of over 4000 companies now form part of the internationally-recognised “Motorsport Valley UK”.Chris Aylett became Chief Executive of the Motorsport Industry Association (MIA) in 1998 since when it has become the leading business organisation for this global high performance engineering and technology industry - an industry driven by “ The Business of Winning”.Worldwide corporate membership of 350 includes Formula One, World Rally and USA teams, major promoters, leading manufacturers, circuit operators, and specialist service providers which collectively transact over $6 billion of international business.These UK companies attracted over £5 billion of engineering-based sales in 2015 and each year invest more than 30% (£1.5 Billion in 2015) directly into R&D to stay ahead in the race for success – a ratio which is double that of pharmaceutical and ten times that of automotive.In 2000, Chris posed a strategic question to the motorsport industry, asking ‘what future is there for motorsport in an energy-efficient world?’ A report, ‘Energy Efficient Motorsport (EEMS)’, followed a UK Government-supported review by the MIA which uncovered and outlined the exceptional business opportunities which could be created in a low-carbon future.In 2003, the MIA organised, in Birmingham, the world’s first international conference on this fascinating subject, following which he has led many such conferences around the world. These have created entirely new business in energy-efficient, low-carbon business for UK motorsport companies.Over the past decade, this original cross-sector initiative has spawned increasing interest in the wide range of world-class, unique capabilities of R&D-based motorsport suppliers in the UK who are able to resolve disparate engineering problems, and do so very quickly.This has opened up entirely new opportunities with a wide cross-section of industries – from automotive to marine, space as well as healthcare and even architecture.This fast growing, seemingly boundless new business, based on creative use of technology, provides increased commercial security for these competitive UK companies, providing a source of increasing revenues which can be invested in meeting the relentless demand for innovation to keep them at the front of the grid!Chris, a former Roosevelt Scholar, was a successful sports car driver, team owner and race series promoter, as well as creating his own multi-million pound international sporting goods distribution group.His extensive international business experience gained from leading his business group and many international trade associations, from which he has built up an exceptionally widespread network of key industry contacts.He has personally developed and promoted the MIA and its members around the world, regularly leading successful business development visits to the USA, Europe and other markets.He is a Fellow of the Motor Industry and the Institute of Directors, and co-author of “Motorsport Going Global: the challenges facing the world’s motorsport industry” published by Palgrave MacMillan.
  • MD

    Mike Dewhirst

    Lentus Composites, Chief Technical Officer

  • RT

    Richard Taylor

    Prodrive, Business Development Director

  • RR

    Rob Rowsell

    Wirthresearch, Engineering Manager

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