President and CEO of Argo Group International Holdings, Mark E. Watson III, who recently entered in a partnership with Aguri Formula E Team, writes for the Paddock magazine about the company’s decision. What would it take for Mark to consider moving into Formula 1?
What made us say yes to Formula E
We did our due diligence. We have a similar company ethos and our business objectives are very much aligned with the ones of Formula E. We also appreciate the team spirit and total commitment to the best possible competitive performance. Team Aguri believes that the developments and expertise gained from competitive electric racing can be used to further develop ecological and sustainable energy developments in everyday life. Simply put, we can’t imagine a better fit for our brand.
As one of the fastest growing global sports, Formula E provides unparalleled return on investment in terms of brand visibility. Many of the races are in key business locations – this was very important to us – and the partnership provides a strong platform to reinforce commitments to innovation and sustainability.
Simply put, we can’t imagine a better fit for our brand.
What are we looking for in a racing team
We have some really exciting plans ahead, and it’s always best if your business partners fit them. With regard to our race attendance activities, we will adapt these on a race-by-race basis depending on the particular relevance of each market to our business and our partners, so a racing team that we wish to work with needs to be fully prepared and equipped to collaborate on many levels.
Motorsport and especially Formula 1, much like any other business, must continue to evolve to meet the needs of its customers, travellers, traders, TV viewers or any other people that are important to the sport. A business has to be dynamic and adapt to keep clients and – in most cases of the racing world – fans happy. This applies to the teams as well. Without that any company, organisation or business will struggle to survive over the long-term, finding itself stuck in a loop with no exits.