The International Technology Management Review

Volume 9, Issue 1, 2020, Pages 34 - 45

Business Model Generation for Industry 4.0: A “Lean Startup” Approach

Authors
Stratos Baloutsos*, Angeliki Karagiannaki, Ioannis Mourtos
ELTRUN Research Center, Dept. of Management Science & Technology, Athens University of Economics & Business, 47A Evelpidon Str., Athens 11362, Greece
*Corresponding author. Email: sbaloutsos@aueb.gr
Corresponding Author
Stratos Baloutsos
Received 29 March 2020, Accepted 28 June 2020, Available Online 5 July 2020.
DOI
https://doi.org/10.2991/itmr.k.200630.001How to use a DOI?
Keywords
Industry 4.0, business model, business model generation, business model innovation, smart factory, manufacturing, workshops
Abstract

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.

Copyright
© 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/).

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Journal
The International Technology Management Review
Volume-Issue
9 - 1
Pages
34 - 45
Publication Date
2020/07/05
ISSN (Online)
1835-5269
ISSN (Print)
2213-7149
DOI
https://doi.org/10.2991/itmr.k.200630.001How to use a DOI?
Copyright
© 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  - https://doi.org/10.2991/itmr.k.200630.001
ID  - Baloutsos2020
ER  -