"Formula 1 is about speed, but it is also about precision, strategy, and aiming for excellence," says Abby Rakshit, a tech strategy and operations executive who has worked in multiple highly technical and male-dominated industries. Rakshit's journey from an industrial engineer to a thought leader in the sports and tech sectors reflects her exceptional ability and mindset.
A Career-Defining Moment
Rakshit started her career at Cummins and quickly rose through the ranks, becoming one of the youngest members of the Corporate Strategy organization.
In this role, she managed the company's strategic direction across various industries, including marine, power generation, and electric battery-powered grids. This early exposure to high-stakes decision-making and complex negotiations laid the foundation for her future endeavors.
Transforming the Sports Industry with Passion
Rakshit's transition to the sports industry stemmed from her passion and a keen eye for reinvention. At Lyft, she led multi-million dollar global partnerships and helped reduce Lyft's service and maintenance footprint by 66 percent. She also delivered a 25 percent cost reduction in a single partnership, resulting in remarkable savings for the company.
Her fascination with Formula 1 ignited her interest in the intersection of sports and technology. In 2023, Rakshit made history by leading the first-ever Formula 1 panel at SXSW, titled "F1® - Real World Impact on Transportation & Culture."
This session demonstrated her deep understanding of the sport's broader implications and her ability to engage diverse audiences in meaningful dialogue. Her op-ed on Sportico.com, "Formula 1: What's Next for the Sport's Whirlwind Logistics," further established her as a thought leader. The article, which trended on Apple News+ as a Top 5 piece for a month, explored the logistics of Formula 1 and its future.
Forward-Thinking Insights on the Future of Sports and Technology
The tech and sports industries are rapidly transforming. Deloitte's 2024 Technology Industry Outlook predicts growth in the tech sector, driven by advancements in artificial intelligence (AI), cloud computing, and cybersecurity. Rakshit's work aligns with these trends as she explores innovative technology applications in sports.
Rakshit shares, "The sports industry hasn't fully utilized big data because of decentralized systems. I plan to create integrated platforms that sell products directly to fans and gather insights on fan engagement. This kind of approach renders a better understanding of fan behavior and shows the importance of data privacy and first-party data."
Building a Startup: Rakshit's Entrepreneurial Venture
Rakshit's latest venture, Season, is a startup aimed at disrupting the sports tech space. It is designed to be an integrated platform for sports teams to offer products directly to their fans, creating an engine that generates insights on fan engagement.
As a female executive and a woman of color, Rakshit's journey is unique. She has navigated multiple dissimilar industries, pulling together a common thread of being a strategy and tech expert for over a decade. Her passion for changing the sports industry and her professional expertise make her a unique and influential figure in the industry.
Rakshit concludes, "My goal is to address tech design bias and ensure that products are designed with all users in mind, especially women, who hold a significant portion of discretionary funding globally."
