Where is the Race Won?

 

Since it’s the Formula One (F1) weekend in Singapore and everyone is going to be focused on who will win what could be a pretty intense race and what we’d call the thrill of sporting competition.

F1 is the type of event that the Government of Singapore gets very excited about. It’s glamorous and attracts the world’s wealthy. The global TV cameras are focused on Singapore, as the host to a lot of glamorous people.

However, the truth is, that while F1 does attract a lot of attention, the race itself is pretty dull. If you look at any given F1 race in the world, you’ll find that they’re pretty predictable. Short of a major accident or a freak breakdown of the car, the guy who starts out in front, usually stays there.

Like other sports, F1 has its superstars like Senna, Schumacher and now Hamilton. However, whilst the superstars get the media attention, the reality is that an F1 race is won by a host of people whom you never see. Former racing driver, Nico Rosberg has gone as far as to suggests that a F1 race is 80 percent car and 20 percent driver:

https://onestopracing.com/formula-1-driver-or-car-which-is-more-important/

 

 The Unseen Guys Who Win the Race – Copyright Mark Sutton/ Sutton Images

As with most sports, F1 remains a fairly unequal place. Superstars earn millions just for doing what they do. However, while being part of the pit crew doesn’t earn you millions, it does pay well enough. Members are given a yearly salary and they get bonuses for every race they work in. The reason is simple, the manufacturers know that in F1, the superstars will need good pit crews to work for them in order for the superstars to be superstars:

https://www.thefocus.news/sports/motorsport/f1/how-much-does-an-f1-pit-crew-make/

In a way, this reality of F1 holds parallels in politics and in the management of a country. Like an F1 team, countries get to shine when superstar drivers, be they entrepreneurs, innovators and so on, but these guys won’t be able to win the races if they don’t have a decent “pit crew” to support them.

If you take Mr. Rosberg’s saying that 80 percent of the race is actually dependent on the car and the pit crew, it means that most of your investment should actually be focused on the car and the pit crew. Sure, a driver can make the difference, especially at certain moments but those moments a few and far between. As mentioned earlier, F1 races are predictable.

A similar analogy can be made in Singapore’s “talent policy.” Now that Covid restrictions are falling, we’re going on an all out to win the race for global talent, which means that Singapore is going all out to win those on the ultra-high salary. As I’ve often noted, nothing shows this more than when you deal with the Economic Development Board (EDB), the government body that deals with bringing in big companies into Singapore. Getting things out of EDB is like teaching a Hogwarts. By contrast dealing with IE Singapore, the body responsible for helping Singaporean businesses expand outside Singapore is like sitting in a dentist chair.

While nobody is against the idea of brining “talent” and “investment” from elsewhere, the truth is that the backbone of our economy remains in the SME sector or in F1 speak – “Pit Crew” companies. I think of my favourite data analytics entrepreneur who is from India. He said “You’d get a lot more return on your investment if you put the money you spend on bringing foreign investors into your start-up sector.”

It's this simple truth – superstars can leave and are conditioned to go where the best offer is. Aryton Sena was winning at McLaren. Then, when he lost the championship to Nigel Mansell  in his Williams car, he promptly jumped ship to Williams (his last team – died at the San Marino Grand Prix).   The pit crew at McLaren stayed and they worked until they produced another winning car for their new superstar, Lewis Hamilton many years later.

If we invested in the pit crew, we’d develop a far more resilient economy. The superstars will go to the place that gives them the best support, which means where the best pit crews are. However, superstars who do not bring pit crews along. It’s something the government should consider in when thinking of our talent development.