Last week, the Entrepreneurship Society welcomed Otmar Szafnauer, Team Principal of Racing Point Formula 1 (Force India), who explored the need to balance risk against potential reward, concluding that all risks must be calculated decisions.
In explaining to the audience how he came to work in the racing industry, he mentioned how his birth in communist Romania ensured he grew up in a nation without an appreciation for entrepreneurship. He was, however, fortunate to move to Detroit in time to benefit from living in the bustle of an industrial centre.
In training as a racing driver, Mr Szafnauer explained that he was constantly having to balance risk and reward, especially when his life was on the line.
In his entrepreneurial venture at Soft Pauer, he highlighted the need for exclusivity to generate profit, whilst simultaneously opening up Formula 1 data to the fans. He also provided an insight into the critical need for innovation in Formula 1, for gains of a fraction of a second at each and every corner.
He is hopeful that the move to Aston Martin will boost Force India’s performance in the long-run, ensuring they are a force to be reckoned with.