If you're not a multinational corporation with deep pockets, but still want to cash in on the millions that Formula One racing could bring to Singapore, read on.

An exclusive memorandum of understanding (MOU) was signed between the Association of Small & Medium Enterprises (ASME) and motorsports consultancy UP Media last Wednesday at Ngee Ann Polytechnic's Convention Centre.

The MOU represents a commitment by ASME and UP media to explore first-mover initiatives within motorsports, with a keen eye on Singapore's inaugural F1 race next year.

Guest of Honour at the MOU signing was Mr Inderjit Singh, MP for Ang Mo Kio GRC and Chairman of the Government Parliamentary Committee (GPC) for Finance and Trade & Industry.

In a brief speech, Mr Singh pointed out that the MOU was not something that had been "prompted by the government", and encouraged more of such private sector driven initiatives to be taken up.

Representing ASME at the signing was its president Mr Lawrence Leow, who is looking to tap on UP media's experience, expertise and network of contacts to identify opportunities for SMEs.

"As the only motor sports consultancy in Singapore currently, we believe UP Media is an ideal partner to explore business opportunities in the area of motor sports ahead of the F1 race," said Mr Leow.

ASME is a not-for-profit organisation that offers an array of business-centric services and programmes to more than 5,000 of its member companies, who Mr Leow feels will soon be buzzing with ideas on how to capitalise on potential F1-related business opportunities that will present themselves.

Mr Leow highlighted retail, F&B, accommodation, event management, advertising, and logistics management as potential areas where SMEs would be able to cash in on opportunities.

One example of an idea being incubated: A hospitality group is offering those who can afford it, the chance to sail a yacht from Phuket to Singapore, where they will watch the race from Marina Bay, much like glamorous Monaco. Each passenger is expected to pay up to S$20,000 for the experience.

Key to the generation and development of more such ideas is UP Media, a motorsports-focused PR & marketing consultancy, which organised the region's first-ever motorsports forum in April this year.

Conceived barely a year ago, the company has been aggressively tracking motorsports-related developments in the region, and developing contacts in the industry.

It is the valuable and timely information from UP Media's network that SMEs could leverage on to develop profitable business plans.

Emphasizing this point, Mr Anand Vathiyar, UP Media's executive director, said: "The $100-million plus economic pie that comes with F1 isn't just for big MNCs gunning for high networth individuals. Everyone from an ancillary service provider to an enterprising individual pursuing a niche idea should stand to benefit just as much."

Still, it should be noted that companies who end up doing business on the periphery of the race proper should not think of emblazoning the F1 logo on all and sundry as mementos and keepsakes because rights for reproduction come under the jurisdiction of Bernie Ecclestone's Formula One Licensing BV.

RACE SCHOOL ON THE WAY?

Mr Anand Vathiyar revealed that there has been expressed interest by a local businessman in the setting up of a proper facility to develop young drivers. Preliminary talks with schools have also been positive, with the possibility of offering motorsports as an extra-curricular activity for students.

However, a lot hinges on whether a permanent circuit will eventually be built to allow these young racers to put theory into practice.

With a motorcross track already in the pipeline in Tuas, insiders speculate that it is only a matter of time before a suitable site, possibly in the East Coast, is released in a tender exercise.