Di Montezemolo was speaking on Saturday at the Monza circuit, where the Italian Grand Prix is being held this weekend.
"Looking at young people, the races are too long," he is quoted as saying by Reuters. "Maybe I'm wrong but I think that we have to look very carefully what we can do to improve the show of Formula 1.
"I give you one example - one hour and a half for the young, it's a long time. Maybe why don't we do a test and we do two starts? Maybe it is a mistake, but we have to think of something, we cannot stay always the same.
"We have to be innovative without losing the F1 DNA. Maybe it's better to maintain the races as they are, or maybe it's time to change."
McLaren's Lewis Hamilton will start in pole position at Monza on Sunday.