Tata Communications has teamed up with partners Formula One Management and Mercedes AMG Petronas to unveil a competition designed to challenge the technological concepts of F1 in a bid to foster and reward creative thinking.

The F1 Connectivity Innovation Prize is designed to be a global platform that will 'engage international brainpower against the demanding backdrop of F1 racing', with the lure of a $50,000 prize fund.

A distinguished panel of judges will adjudicate on the ideas conceived as part of the competition, with 2008 world champion Lewis Hamilton headlining a group that also includes Mercedes AMG Petronas F1's executive director (technical), Paddy Lowe, Formula One Management CTO John Morrison, Tata's MD of F1 business, Mehul Kapadia and former F1 driver-turned-commentator Martin Brundle.

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"Technology is absolutely key to success in F1 racing and we are lucky to attract some of the best engineers and technical brains to work in our sport," Hamilton commented, at the launch of the competition, "The challenges that have been set for the F1 Connectivity Innovation Prize look fascinating and I hope, will attract a huge response. For anyone with technology aspirations and a desire to get involved in the world of F1 racing, this is a great opportunity."

The main prize will 'catalyse' next-generation technologies based around a series of three challenges announced over the course of the 2014 F1 season. The initiative will encourage entrants to test their creative and technical knowledge by expressing how they would solve real-world challenges for F1 racing. In addition to the $50,000 prize pool, there will be other rewards, including VIP trips to the 2015 Monaco GP.

"Technology has always been a hallmark of F1, so this opportunity to open some of our innovations to the world brightest minds is an exciting initiative from Tata Communications," Morrison emphasised, "The resultant ideas should present engaging new features that the talented F1 engineering team can rapidly develop to enhance the F1 fan experience."

The three challenges will be announced exclusively on Tata Communications' F1 Connectivity Innovation Prize website, starting with a design evolution of the sport's display of live data provided by Formula One Management. This will be announced in the lead-up to the British Grand Prix. Challenge two will be announced before the Italian GP, with the third and final challenge announced on the eve of the USGP in Austin.

"Driving innovation is at the heart of our business and the F1 Connectivity Innovation Prize is one of the latest initiatives that we are bringing to the world of F1," Julie Woods-Moss, chief marketing officer and CEO of Nextgen at Tata Communications, said, "In our third year with the sport, this new global platform will allow us, together with Formula One Management and Mercedes AMG Petronas to connect with the creative thinkers across the world to push the boundaries of technology and design innovation in this fast-paced sport."