In the video posted below, Oliver Jones from Williams Advanced Engineering (WAE) talks about his company. WAE started as a sister company of the Williams F1 team. They try to apply the high tech inventions and know how they gained in Formula 1 to other civil projects. They are active in the field of advanced lightweight materials, hybrid power systems, and electronics.
WAE engineering was founded to make sure that the Williams F1 team could continue to compete at the top level of motorsport. The costs of F1 have risen dramatically in the latest years. This is not so much of a problem for the big manufacturers like Mercedes and Ferrari who can invest a lot of money but the smaller teams really need to be creative to find money. So that is why they sell technology derived from their work in F1 to other companies.
According to me, this is a very good initiative since F1 teams are places where they invest a lot in technological advances which are normally kept secret. But WAE makes sure the team benefits from its research by generating revenue and society also wins by it because WAE already invented a lot of green solutions for wind power problems or hybrid vehicles.