How Susie Wolff Is Driving Change in F1 | The Deal

Key Concepts

• F1 Academy: A junior-level, all-female racing series aiming to increase female participation in motorsports and ultimately get a woman onto the Formula One grid.
• Segregated Championship: A racing series exclusively for female drivers, designed to provide a platform for nurturing young talent.
• Rocket Fuel for Progression: F1 Academy's role in accelerating the development and advancement of young female drivers.
• Financial Barrier: The significant cost associated with motorsports, requiring drivers to raise substantial sponsorship.
• Electrification: The shift towards electric vehicles, influencing the automotive industry and the rise of Formula E.
• Commercial Asset: The ability of a sports series to generate revenue through sponsorships, broadcasting rights, and other means.
• Netflix Effect: The significant increase in popularity and viewership of Formula One due to the "Drive to Survive" docuseries.
• Disruption: Challenging the status quo and introducing innovative approaches to traditional industries.
• Authenticity: Being genuine and true to oneself in deal-making and leadership.

Susie Wolff's Core Mission and F1 Academy

Susie Wolff's primary goal is to get a woman back onto the Formula One grid, which hasn't happened in 50 years. She emphasizes that the sport is not segregated, but the lack of young girls entering the sport is a major problem. F1 Academy, a Formula Four level series, aims to be the "rocket fuel for progression" by nurturing young female talent and providing them with a better chance of reaching Formula One.

Early Life and Influences

Wolff started racing at the age of eight. She was a competitive and ambitious child who loved speed. At 13, watching a Formula Three race made her realize she could be a racing driver. This dedication involved sacrifices, but she never regretted it. Her parents, particularly her mother's ability to balance racing with her own business, inspired her. Her parents' equal relationship and mutual support also shaped her. Her husband, Toto Wolff, CEO and team principal of Mercedes, also pushes her to be her best self.

Racing Career

Wolff started racing at eight and progressed through national and European championships, ranking 15th in the world by 18. She often was the only girl but didn't focus on it until receiving an award as "top female." She moved into single-seaters, racing in Formula Renault against Lewis Hamilton and earning nominations for the young driver of the year award. A broken ankle in Formula Three led to losing her seat and sponsor, but she received a test offer from Mercedes-Benz, leading to a seven-year stint as a test driver before retiring in 2016.

Transition to Business and Formula E

After retiring from racing, Wolff initially didn't want to work in the business side, especially not for or against her husband. She was approached by Gildo Pastor to run his Formula E team. Despite initial hesitation, she saw the potential in Formula E due to the electrification trend. She negotiated a deal for 30% equity in exchange for turning the team around, without a salary. She focused on poaching top talent from other teams, setting realistic targets, and building a winning culture. Within three years, the team was fighting for the world championship and became profitable.

Joining F1 Academy

After selling the Formula E team, Wolff was considering a move into the space industry. However, Stefano Domenicali and Greg Maffei approached her to run a new all-female racing series. Despite reservations about segregating one level of the sport and the initial plan to race separately from F1, she realized it was a unique opportunity to improve the sport for the next generation. Liberty Media's commitment and investment convinced her to take on the role.

Overcoming Challenges and Securing Team Support

Wolff's skepticism stemmed from the need for an all-female championship and the initial plan to race separately from F1. She consulted with various stakeholders and realized the importance of integrating F1 teams. A conversation with Fréd Vasseur led to the idea of having each team take a car with their livery. Despite initial doubts, she secured the support of all 10 Formula One teams, a historic achievement. She emphasized the greater good of the sport and the growing female fan base.

Capitalizing on Women's Sports Momentum

F1 Academy is fully funded by Formula One and aims to be financially sustainable. Wolff emphasizes the need to create great racing that people want to watch, not out of obligation. By increasing viewership and commercial interest, F1 Academy can become a strong commercial proposition. The timing has been fortunate, with the rise of women's sports and Formula One's popularity.

The Charlotte Tilbury Partnership

The deal with Charlotte Tilbury, a female-founded cosmetics brand, was a key moment for F1 Academy. Wolff wanted to break the stereotype that female racers had to be tomboys. The partnership disrupted the status quo and attracted attention, leading to other sponsorships like Tommy Hilfiger. The deal involved a livery design featuring hot lips and a makeup station in the paddock.

Balancing Act: Junior Championship vs. F1

F1 Academy is a junior championship racing alongside F1. Wolff emphasizes the need to take their space and disrupt, while respecting the bigger picture. It's a balancing act of being taken seriously and understanding their role in the ecosystem.

Value Proposition and Audience

F1 Academy offers brands the opportunity to appear on an F1 Grand Prix weekend and support something that is having a positive impact on the sport. The series reaches a younger audience, with nearly 70% being female, and attracts viewers who are not already Motorsport fans.

Long-Term Vision and Netflix Docuseries

Wolff envisions F1 Academy becoming bigger and better, with a focus on education and attracting the next generation audience. The Netflix docuseries, produced in partnership with Reese Witherspoon's Hello Sunshine, is expected to be a game changer. The series aims to appeal to people outside the Motorsport bubble and showcase the credibility and importance of F1 Academy.

Lessons from "Drive to Survive"

Wolff learned from "Drive to Survive" the importance of capturing human stories and protecting young drivers from being too intrusive. The series aims to balance racing with drama and ensure that the drivers are taken seriously.

Personal Connection and Emotional Investment

Wolff's experience as a former racer gives her a unique perspective and emotional connection to the drivers. She can sympathize with their struggles and celebrate their achievements. She emphasizes the importance of passing on her knowledge and helping them avoid mistakes.

Frustrations and Proud Moments

Wolff acknowledges the frustrations of endless conversations and the challenges of making things happen. However, she is driven by her tenacity and the desire to achieve her goals. A proud moment was in Jeddah, where she saw all 10 Formula One teams with their liveries and the young women ready to race.

Future Goals and Progression

Wolff's future goals include ensuring that the F1 Academy champion achieves success in the sport and progresses up the ladder. She also emphasizes the importance of increasing the talent pool and normalizing the presence of young girls in racing.

Rapid Fire Questions

• Deal-making style: Authentic
• Gut or data: Gut
• Dream deal-making partner: Toto
• Best advice: Always have another option
• Worst advice: The deal has to happen at any cost
• Hype song: Don't stop believing
• Favorite sports documentary: The Last Dance
• One sport to watch for life: Formula One
• Team to see win a championship: Scottish rugby team
• Advice for aspiring career: Go for it

Conclusion

Susie Wolff's journey from racing driver to managing director of F1 Academy is a testament to her passion, determination, and business acumen. She has overcome numerous challenges to create a platform that empowers young women in motorsports and aims to change perceptions of the sport. With the support of Formula One, Liberty Media, and strategic partnerships, F1 Academy is poised to make a significant impact on the future of racing.