This is the inaugural year of the IE Formula Student Team. With this new team comes a lot of excitement, but also uncertainty.
What is Formula Student?
Formula Student is a European competition that aims to simulate the process of what it would be like to work on an actual Formula 1 team (or any motorsport team). The competition first began in 1981 at the University of Texas Austin, and has since become an international competition. There are regional competitions, such as the one in Barcelona that the team hopes to compete in, and also internationally regarded competitions such as the race held in Silverstone. Students are expected to do everything from building and designing the car to marketing and financing the project. There are competitions around the world that happen throughout the summer. Teams have the academic year to work on getting funds for their teams and building the car, so they are ready to compete in time summer for summer. The IE Team is aiming to enter the Spain Formula Student Competition which last year took place at the Circuit de Barcelona-Catalunya in August.
There are many different categories within the competition that teams will be graded on. There are two types of events, the static events and the dynamic events. The static events are about the technical build of the car and the business process. There are four main parts to the static events that include: engineering design, cost and manufacturing, business presentation, and technical perspective. There are also the four main dynamic events in which the car will be driven on the track. These events are made up of the skidpad event, the sprint event, the acceleration event, and the main one which is the endurance event.
While the competition revolves around the design and engineering of the car itself, the business side is still extremely important and relevant, after all building a car is expensive and the money has to come from somewhere. Normally universities do give their teams a small portion of money for them to use. However, teams must also get money from outside sponsors in order to cover the full costs associated with Formula Student. The money the teams receive goes towards not only building the car but also travel fees to the races, marketing for the team, uniforms, etc. This merge of business and design/technology is what makes IE Business School a peculiar contender for this year’s competition.
Can a Business School Build a Car?
The better question to ask is, is IE still just a business school? In the past, the answer to this question may have been yes, but now IE is expanding and trying to change this narrative.
While IE is known primarily as a business school, they are currently in the process of expanding to many different sectors including science and technology. Next year IE will be launching a degree in Video Game Design and Virtual Environments and the university currently offers master’s programs in science and technology as well, and the Formula Student Team is part of this change.
Project Manager of the team and IE Student Anthony-Lee Sánchez says “our mission goes beyond just building a car—it’s about driving IE University into a new era of innovation […] Our team is committed to leading this charge, creating a future where IE is known for pioneering advancements in engineering and technology”. The team is confident that by summer they will have a fully functioning car that will be ready to race.
If you are interested in learning more about the team or following their journey to the race, follow them on Instagram (@ieformulateam) or join their WhatsApp Group Chat!
