This is pretty cool. All I had growing up was the Cub Scout's annual Pinewood Derby.
From the US site:
What is F1 in Schools?
It's a competition for teams of three to six school children to design and manufacture miniature CO2-powered racing cars and then race them at regional, national, and international levels. Sounds simple? Not when you consider that these 11- to 18-year old kids use state-of-the-art software programs that enable them to play around with CAD (computer aided design) and CFD (computational fluid dynamics), just like real F1 designers.
Or that they have to manage the whole project from scratch, from drawing up a business plan and raising the sponsorship, to financing it through the design and manufacturing stages, to a presentation in front of a panel of preeminent judges.