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The Impact of Industry 4.0 In Creating Entrepreneurship Support & Market Access
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The Impact of Industry 4.0 In Creating Entrepreneurship Support & Market Access

By Tomi Moyan

In the new modern economy, the concept of industry 4.0 is a reality, and the fact remains that innovation and technology will continuously play an important role on how we see meaningful impact on businesses and organisations. However, new businesses, SMMEs and entrepreneurs will also be impacted by this.

 

During the 67CEOs Global Entrepreneurship Week (GEW2019), Dr Ebewo from the Tshwane University of Technology explained in detail how Industry 4.0 will significantly change products and production systems concerning design, processes, operations and services. This is a given.

 

He further elaborated that the attitude of entrepreneurs to Industry 4.0 must change, they must indicate readiness for implementing the elements of the concept and to point out the barriers especially in their regions, which may possibly threaten enterprises in the effective achievement of a higher technological and organisational level.

 

Our enterprise development and incubation hubs must adopt innovation and acceleration programs. It is important that when an entrepreneur needs access to, for example a 3D printer to produce their first prototype, they should have access.

 

Within the Industry 4.0 concept, entrepreneurs and SMMEs must also adopt other principles, resources and tools to see desired growth and development in their businesses; for example, a clear understanding of design thinking, cloud computing and other technologies that will help scale their businesses and validate their business model. Dr Ebewo stressed the importance for our many incubator programs becoming innovative incubator and accelerator programs to produce the needed innovative support needed by entrepreneurs and SMMEs.

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