[Formula One] is entertainment and it competes with other entertainments - and not with other racing formats. It competes with people's time on a weekend. So you have to deliver.

In the 19th century China dominated the manufacture of porcelain. Then European factories discovered a cheaper method of making pottery of equal quality, demolishing the Chinese industry the exact reverse of what is happening now. World economics have turned full circle.

We do things much the same way as we did 50, 60 or even 70 years ago. The answers may not be wrong, but we haven't experimented to see whether they are or not.

Just take the lack of presence of F1 in the United States. In theory - and logically - you would have an East Coast Grand Prix, a West Coast Grand Prix, and I think you should have a street race in Detroit - it is still the motor capital of the US. You stay in the US for four weeks and could have two to three races, certainly two.

And there are some - Bernie [Ecclestone] and others - who are embracing new technologies. When Sky UK started to broadcast there was an argument that audience would come down because it is pay TV. But the actual quality of the production and the use of technology and the engagement of the viewer is much better than it ever was. The product is simply better.

In an era of transparency, you can have innovation without branding, but you cannot have branding without innovation.

I was carrying Jackie Stewart's bag! Formula One was pretty much the same back then.