Image courtesy eGrandPrix
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TTXGP's promise of "Your Day, Your Rules, Your Game" now becomes "So Own it"
Over the last couple months TTXGP's parent, eGrandPrix, has been working towards an model of sharing control and ownership over the TTXGP's process. There is a purposeful contrast with the tightly controlled centralized structure of most motor sports. The move towards openness began when the TTXGP rules were put on a wiki for everybody to edit. This afternoon I spoke with Azhar Hussain about the latest step they've taken on this path, to form TEO otherwise known as Trust.eGrandPrix.org. TEO is a kind of collective ownership over the TTXGP that will over time give a large degree of ownership and control over the TTXGP to the teams who are participating.
The TTXGP rules wiki simply flies in the face of the normal rules making process. Other racing organizations (cough, cough, FIM) effectively hand their rules down from on high with little input from anyone. The TTXGP however has opened their rules (for 2011) for input from literally anybody (who registers on the wiki). It will be interesting to see how this turns out.
Last weeks announcement of the TEO represented a giant leap towards openness and sharing control. The TEO is a partnership between the teams participating in TTXGP races.
A team, by racing in the TTXGP, earns "units" that represent equity (ownership) of the TTXGP. Unit holders will receive income from the pool of proceeds the TTXGP earns, and unit holders are able to vote for members of the governance board. The units are not stock which can be traded or sold, so the only way to earn units is through the sweat equity that comes from racing an electric motorcycle around a track.
The more a team races the more units they earn. Additionally for the 2010, 2011 and 2012 race seasons the TTXGP will award "Pioneer Units" to teams who race exclusively with TTXGP. These pioneer units are worth more than regular units, and also do not expire. The regular units expire over time, encouraging teams to stay involved with TTXGP. The pioneer units are said to be in recognition of contribution by a team to the long-term success of the TTXGP.
This move is clearly part of the larger contest between FIM and TTXGP over the future of electric motorcycle racing. For either organization to succeed they need teams racing on the track, which means luring teams to their race rather than the other guys race. For example FIM was reported last month as offering €5000 bonus's to teams signing up for e-Power races. The TEO is a very different sort of enticement that may be honestly more than simply bait to attract teams. The TTXGP has done more than offer money. TTXGP's actions (both the wiki and the TEO) are a clear and concrete handing of control to the participants in TTXGP racing.
“This is a big Control-Alt-Delete for motorsports. It’s a reboot. We’re giving teams control. This binds everyone together on a common trajectory and it gives everyone a piece of the action they’re generating,” said TTXGP guru Azhar Hussain.
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Comments
It's coming along - something like birthing. These are the stories that will be blogged about for years (we used to tell these stories around campfires) Ha.
David, this is a fabulous, detailed piece you wrote about this burgeoning form of motorsports racing.
Living as I do near Infineon Raceway, I am really looking forward to watching the TTXGP as a part of the AMA Pro Weekend in mid-May. Your article really sheds light into the inner workings of it all, as an organization. Nice job.
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