Business Model Generation for Industry 4.0: A “Lean Startup” Approach
- 10.2991/itmr.k.200630.001How to use a DOI?
- Industry 4.0; business model; business model generation; business model innovation; smart factory; manufacturing; workshops
The emergence of the industrial internet of things that drives the fourth industrial revolution, also known as Industry 4.0 (I4.0), is bringing to the forefront the question of how industrial actors can capture value using such technologies. To answer this question, this paper follows a multidisciplinary approach drawing from the fields of Business Model (BM) Innovation and Entrepreneurship to create an agile process for generating and validating BMs that capture value in I4.0. By using tools and methodologies from these fields we are able to create a replicable process that bridges the cross-disciplinary gaps inherent in the new industrial landscape and generate models drawn directly from the knowledge and experience of industrial actors. Finally, using a version of the BM “Stress Testing” we identify risk factors and their effect on the generated models. By using said process, this work proposes, other than the process itself, several archetypes and four more specific BMs accompanied by stress factors and their impact. This paper hopes to provide industrial stakeholders with some basic tools and “roadmaps” to further test their models and create new ones, all in the prospect of establishing the elusive viable and sustainable “smart” factory ecosystem.
- © 2020 The Authors. Published by Atlantis Press International B.V.
- Open Access
- This is an open access article distributed under the CC BY-NC 4.0 license (http://creativecommons.org/licenses/by-nc/4.0/).
Cite this article
TY - JOUR AU - Stratos Baloutsos AU - Angeliki Karagiannaki AU - Ioannis Mourtos PY - 2020 DA - 2020/07/05 TI - Business Model Generation for Industry 4.0: A “Lean Startup” Approach JO - The International Technology Management Review SP - 34 EP - 45 VL - 9 IS - 1 SN - 1835-5269 UR - https://doi.org/10.2991/itmr.k.200630.001 DO - 10.2991/itmr.k.200630.001 ID - Baloutsos2020 ER -