TTXGP Pays Teams To Race Electric Motorcycles Via TEO
It’s been one week since TTXGP founder Azhar Hussain announced the latest of multiple innovations that make up the TTXGP electric motorcycle race series called Trust.Egrandprix.Org (aka TEO). Azhar’s fight against 2 major e-Race series to capture the attention of electric race teams has not been an easy one but he keeps implementing new ways to make it easier for teams to race with TTXGP.
For those that missed it, TEO gives every team who races in the TTXGP a share of the TTXGP race organization. It’s more than just about paying teams as I put in the title of the post. The more races you enter and the better you place, the more shares you accrue. These shares give teams voting rights on deciding the direction of the organization and a share of the profits of the TTXGP. This includes merchandising, sponsorships, TV rights and any other revenue generated. Think of it a yearly dividend as if you owned shares in a company. A company Hussain predicts could be a billion dollar enterprise in 5 to 10 years.
Azhar mentioned to me that the complexities of TEO have his lawyers working pretty hard. Azhar wants to help any interested teams understand what TEO is about so he sent me the letter below to help people digest it. He also encourages interested teams to contact him and with any and all questions.
One thing to keep in mind is Mr Hussain is an entrepreneur. His intentions are to grow the sport of electric motorcycle racing but also to make money doing it and give his investors a good exit. TEO exists to allow race teams to approach electric racing as an investment. In today’s economic climate it sounds like a good idea to me.
If you are viewing this on the PlugBike.com homepage click “read more” (often called “the break”) to see the full article including Azhar’s explanation of TEO…
Build your future with TTXGP. Race to Own!
We have always been looking at ways to drive TTXGP to deliver on the promise that it holds for our sport and our industry.
In June 2009, teams from around the world came together to show a skeptical sport that zero carbon technology was ready for prime time. By the end of 2009, TTXGP had grown to 3 regional championships and a grand final.
In January 2010, we made the decision to outsource the rules (wiki.egrandprix.com) to the world. We wanted to keep our rules up-to-date and recognized that there were a lot of smart people not at the table that we had to engage with. We firmly believe the wiki will change the dynamic of the sport to one of inclusion and timely innovation.
And now in March 2010, the transformation continues with TEO.
TEO (Trust.eGrandPrix.Org) allows teams to participate in the profits of TTXGP. A key objective is to create a stable income stream for teams to start building long term plans for people, technologies and organization.
You can’t buy into TEO, the only way to be part of it is to race. The idea is that the ownership and value pool is held by the group who actively create it. As teams stop racing, they automatically leave the earnings pool whilst new teams enter. TEO has its own board elected by the members, which are the teams. Everything is transparent and accountable.
The more you race, the more you the make the series, the more you earn. Racing with TTXGP in 2010 will see your rewards multiplied. If you are committed to TTXGP exclusively, then your rewards are multiplied again. More details can be found at trust.egrandprix.org. It is a little complicated and we are looking at ways to make it easier to explain. Contact us for any information you need and we’ll share what we know and listen to your ideas on how to improve it.
Participation in TTXGP 2010, gives you a real chance to not just be at the dawn of the next generation of motorsports, but also to become an equitable partner in the value that you create. TEO is our commitment to make you, the industry and the sport as successful as possible. We can’t do it alone. Standing together we extend the transformation beyond the track and make it lasting.
With TTXGP, being part of it has never been so full of potential and promise. Our credo is New Day, New Rules, New Game. With TEO, this becomes Your Day, Your Rules, Your Game.
Join TTXGP 2010 and start the journey to build a sustainable, profitable and lasting future in the next generation of motorsport.
Race to Own!