Innovation and technology touch every part of the industry from wagering platforms to video of the race to data collection of all forms. Developing innovative ideas is time consuming and costly and nurturing new concepts in a sport steeped in tradition are difficult at best. Other industries facing similar issues have encouraged and embraced innovation with pitch competitions like Shark Tank.
The Race Track Industry Program (RTIP), in conjunction with its partners Hai Ng and Vin Narayanan, today announced racing’s first pitch competition. The event, named the Innovators’ Circle, will be held at this year’s annual Global Symposium on Racing & Gaming. Participants will pitch their ideas and/or products to top executives in the racing and gaming world. The winning ideas will earn cash prizes; if a judge really likes the idea, an offer for a deal could be made.
The event is open to everyone, not just those already involved in the industry. The contest's website, www.innovateracing.com, provides a background on racing and educational tools to help educate the racing newcomers who wish to participate. Full instructions on how to enter the contest are also found there.
“As racing strives to grow in an increasingly competitive gambling environment, we believe that inviting entrepreneurs - who may or may not be involved in horse racing - to pitch their ideas will create tremendous excitement and potentially some new visions for our industry,” said RTIP Program Director Doug Reed.
"We know there are thousands of entrepreneurs, inventors and innovators out there who have great products and ideas that could change the horse racing industry," said Hai Ng, event producer/partner, Neomancer LLC. "We want to create a platform that will let the best concepts rise to the top. Having worked with many start-ups in a wide variety of industries, we have discovered that some of the best innovations come from outside the target vertical; once that breakthrough idea takes hold, the industry latches on and blossoms with it.”
The 42nd annual Global Symposium on Racing & Gaming will be held from December 7-9, 2015 at Loews Ventana Canyon Resort.
(RTIP)