Entrepreneur Traveling Monako to see the e1 race, this is a whole-electric international powerboat racing series that was in various places around the world all year long. The league is in its new phase – only in the second season – with large extension plans. While in Monaco, surrounded by the monotonous views of the Mediterranean sea, Entrepreneur Interviewed E1 CEO and co-founder Rodi Baso to learn about the policy, vision and business goals for this new boat racing series. Here it is a conversation, which has been edited for length and clarity.
Entrepreneur: Tell me a little about the origin of E1 – what was inspired by its creation and how did you recognize the market for electric boat racing?
Baso: E1 series is a new sport platform that is based on the idea of protecting and celebrating lifestyle for future generations that either live near water, go to the ponds, oceans, rivers, or nearby coastal areas.
We have come from the Motorsport culture, where we (with a technical and data-driven approach, we have seen how much difference can it make not only in the sports industry but also in the commercial environment? And therefore, we recognized the distance between the ocean industry with Alexandro (AGAG) (co-founder and e-1).
We wanted to create a new platform to test a new solution. And from now on, we will continue to develop this platform for really impact.
How would you describe E1’s main business model? Where does the main revenue flow come from and how do you see how it develops?
We did a lot of work on strategies and business models. I am very passionate about this area. We do our business on the hosting fee. So, we choose the iconic places available for the race. Then, we have boats and we provide all the logistics services, high-level maintenance of boats, all telemitary and technology.
The work to receive these services gives us money. And then of course sponsor and media. Now, the more we go, the more we will remember the medium because the number is already effective in the case of fans, viewers, digital media and broadcasters – we are very happy with the results.
And so, let’s say in the region of 10-15 years, I expect the media to become another major revenue flow with sponsorship.
Image Credit: Shiva Gohil | Spacesut media
You mentioned the hosting cities. We are in beautiful Monako right now. How are you about choosing cities you want to partner and what is the good fit for the city for the e1 brand?
Well, as I said, the E1 is about a lifestyle near the water. So, we look for a symbolic place where everyone wants to go and visit. We are in Doha, Jedda, Dubrovnik, Italy, Miami and Lagos – where there is a strong and deep culture of boat lifestyle on all levels of marine lifestyle (or).
We are not a specific section (targeting); We offer special hospitality, but a more open fan zone (where) everyone can come for free and feel a little like celebrity while enjoying the show.
So, it is important for future generations to be in a symbolic place where there is a lot of concern for the future of water.
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Is there a dream that would like to expand the E1?
Asia is important. We want to stay in Tokyo, Sydney, Singapore, Hong Kong, China, India. There is a lot of culture about PowerBoting in Asia In general. So we have come with this new product and I am very keen to see the reactions there. For me, North America is also very important for the simplest reasons that 75% of the markets are in North America for rest boating.
We also have a talent of the teams of teams and many of them are based or American – so This is another important part of this extension.
How does E1 separate themselves from other racing leagues in terms of fan demographics and commercial viability?
Well, first of all, we began to look at the numbers and statistics, and we have a great balance between women and male fans watching our product. Also, in the case of generations, the center of gravity is between 25 and 30 years old, which is another good result.
Of course, we talk to governments, we talk to big businesses who are interested in knowing and getting us more, but in the meantime, it is very important to talk to the future generation because we have fans in the future. So we have to attract them and share whatever you have learned about the technology and the need for a blue economy.
Entrepreneurial Note: “Blue Economy” is the sustainable use of oceans and water resources for economic growth, improved bread and jobs while maintaining the health of maritime and fresh water.
You have brought the high-profile team owners like Tom Brady, Will Smith, Mark Anthony, Lebron James and Rafael Nadal. Talk a little about how the celebrity factor plays in the growth policy of E1 as a global brand.
Being a team owner is an incredible honor and privilege. They are inspiring to people (which) are always working in sports and entertainment on the edge of sports – because we are (about). They also represent our policy. We are very happy that they are part of E1 because they are interested in participating in effective projects. And at the same time, they are interested in the business and they can see a good business to invest, to become part and grow together.
Their presence is unique in our proposal because we all reach 1.1 billion people by keeping all the followers together that can see our contents through digital media. And (owners) are active. They post, they communicate and collaborate.
For us, just (only) is the season two, this is a big benefit.
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What are some of the biggest challenges to navigate you in e1 launching and scaing?
In the case of challenges, at the very beginning, the definition of foil (we) had technical challenges, understanding how foil works, and also finding pilots, because now we have 18 pilots, nine teams, a man, a female and they are optional. We are very new in the sports industry and I am very proud to say that (pilot) is coming from 11 citizens. This is an incredible property for us.
We created an academy cadmmy and finally, you do not know if people are going to encourage, if they are enthusiastic, and we are happy to have 20 applications (for pilots). And we were only looking for 20 pilots, so there was a good result to start.
Then this is a fully new proposal, it is coming as a motorport, powerboating and a gathering point of boating, and we want to get the best of these three environment and attract people who love water and love racing.
I think we chose the right people. We have an amazing team and the events are developing themselves and working well.
Entrepreneur Note: The “foil” refers to a part of the boat that works like a fan of underwater plane – the finger pulls out of the water because the speed increases, reduces drag and increases efficiency, speed and curiosity.
Image Credit: Birgit Direk | Spacesut media
One of the major components of E1 is environmentally conscious bent. Why was it so important to you and how do you balance the environment with professional success and scalpability?
I was working in other companies before; I am an engineer and I was the Director of Sales and Marketing and Managing Director of McLaren Technologies at Magneti Murli. (I) always work on a new proposal system, electric and everything. I (too) are very passionate about water because I have come from the southern city of Italy – Napoli – and I live and breathe water from birth.
So I combined the ability and passion to create e1. And when creating E1, I learned a lot about how much you need to do for water. We are proud to be an incredible scientific (Carlos Duart) with the Japan award in marine biology and engineering, and he is telling us how much you need to do coastal areas, water quality, water quality for the blue economy and for future jobs. So I am very passionate about it. I do not like to call it a strategy because when you do this, you got a manager ticking box. This is what we are; This is a culture while we are developing this new sports platform.
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You talked about your background as an engineer. Technology and innovative – in the case of self boats and digital engagement – How are you to create business opportunities for E1?
If we talk about digital, the first thing to pop up in my mind is digital media and today, this is a great way to reach people and communicate your message. When I talk about innovation, it is not just about boats; We have made new with some attractive AR and VR applications in our media products that we are also using for business development.
(We use) drone with the best potential resolution and video quality. We have 100 people working on content technology (around) and this is all about digital. So, it is an important factor and opportunity to be innovative in this field. My next (area) is interested in how we can use AI, because it is not just a mysterious word but this is happening.
I am very enthusiastic when I can interfere with and separate myself by technology every time.
E1 is very young and in a sense, like startup. How would you give a team when you are looking for a category while you go and what advice would you give to other possible startup founders and CEOs?
Well, with startups, this is always complete, do you know? Never a boring day. Everyone talks about passion. The passion is a spark for this idea, for imagination, but then it takes a lot of effort.
People like to say that “work is smart, not hard” – good luck with it. There is a lot of hard work. You need to choose the right people and (give them) clear role and responsibilities. This is something that I want to (for) for everyone who wants to (for my children), because when you know yourself more under pressure, this is an incredible journey.
If this magic happens, you will be successful. So there are a few factors, but I will do it again this is an amazing journey.
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