Industrial Revolution 4.0 is a recent technology phenomenon where innovations in robotics, predictive analytics, and the Internet of Things (IoT) disrupt manufacturing and other highly ingrained industries. Startups are at the forefront of developing and adopting innovative technologies.
- As Industry 4.0 takes shape, startups need to get ahead of this fast-changing landscape by anticipating or adapting to shifting requirements.
- Technology advances usher in Industry 4.0 as artificial intelligence and robotics improve, and machine learning, data science, and business intelligence become key developments for startups.
- Startups play a crucial role in leading changes while facing pressures from increased competition and potential risks like changing consumer preferences, privacy concerns, and regulatory hurdles.
The roadblocks that come with industry 4.0 include renewed competition for talent, regulatory hurdles, and shifting consumer preferences.
With disruptive innovation areas ranging from 3D printing to sophisticated robotics and predictive analytics, connectivity and smart devices lay the groundwork for entrepreneurship as we move toward industry 4.0. Industrial Revolution 4.0 is a recent technology phenomenon where innovations in robotics, predictive analytics, and the Internet of Things are disrupting manufacturing and other highly ingrained industries (Ammar et al., 2022). Innovative technologies, like artificial intelligence (AI) and automation, have created waves throughout the business world, changing the way businesses do everything from hiring new employees to conducting marketing campaigns (Kumar et al., 2019; Lee et al., 2018).