How to respond to the Fourth Industrial Revolution, or the second information technology revolution? Dynamic New Combinations between Technology, Market, and Society through Open Innovation. Similarly, the revolutions occurring in biotechnology and AI, which are redefining what it means to be human by pushing back the current thresholds of life span, health, cognition, and capabilities, will compel us to redefine our moral and ethical boundaries. We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. How to Respond to the Fourth Industrial Revolution, or the Second Information Technology Revolution? Now a Fourth Industrial Revolution is building on the Third, the digital revolution that has been occurring since the middle of the last century. Phone: (650) 488-9899 Impressive progress has been made in AI in recent years, driven by exponential increases in computing power and by the availability of vast amounts of data, from software used to discover new drugs to algorithms used to predict our cultural interests. Dynamic New Combinations between Technology, Market, and Society through Open Innovation. Most of all, the way to effectively address the Fourth Industrial Revolution is the development of dynamic open innovation business models with the expansion of open innovation culture, and the expansion of the feedback loop of an open platform businesses model. We are on the precipice of what the World Economic Forum calls the Fourth Industrial Revolution. But such an approach is no longer feasible. The Fourth Industrial Revolution (or Industry 4.0) is the ongoing automation of traditional manufacturing and industrial practices, using modern smart technology. San Francisco, California 94102, How, then, can they preserve the interest of the consumers and the public at large while continuing to support innovation and technological development? Received: 3 April 2018 / Revised: 28 May 2018 / Accepted: 4 June 2018 / Published: 21 June 2018, (This article belongs to the Special Issue. Major shifts on the demand side are also occurring, as growing transparency, consumer engagement, and new patterns of consumer behavior (increasingly built upon access to mobile networks and data) force companies to adapt the way they design, market, and deliver products and services. How to Respond to The Fourth Industrial Revolution. Indeed, across all industries, there is clear evidence that the technologies that underpin the Fourth Industrial Revolution are having a major impact on businesses. Multiple requests from the same IP address are counted as one view. The recession, the second wave, is now with us and deepening. Therefore, we attempted to answer the following four research questions. In addition, they lower the barriers for businesses and individuals to create wealth, altering the personal and professional environments of workers. "How to Respond to the Fourth Industrial Revolution, or the Second Information Technology Revolution? The Fourth Industrial Revolution will also profoundly impact the nature of national and international security, affecting both the probability and the nature of conflict. However, there is no commonly agreed-upon definition of the Fourth Industrial Revolution. Author to whom correspondence should be addressed. Dynamic new combinations between technology, market, and society through open innovation'. Since Klaus Schwab and the World Economic Forum declared the arrival of the Fourth Industrial Revolution, there has been much discussion about it. 'The Fourth Industrial Revolution’ and its consequences was the subject of the annual ‘Davos-meeting’ which took place in January 2016. This helps explain why so many workers are disillusioned and fearful that their own real incomes and those of their children will continue to stagnate. Automation. Lee, M.; Yun, J.J.; Pyka, A.; Won, D.; Kodama, F.; Schiuma, G.; Park, H.; Jeon, J.; Park, K.; Jung, K.; Yan, M.-R.; Lee, S.; Zhao, X. It is characterized by a range of new technologies that are fusing the physical, digital and biological worlds, impacting all disciplines, economies and industries, and even challenging ideas about what it means to be human. Artificial intelligence. Disruption is also flowing from agile, innovative competitors who, thanks to access to global digital platforms for research, development, marketing, sales, and distribution, can oust well-established incumbents faster than ever by improving the quality, speed, or price at which value is delivered. Ultimately, the ability of government systems and public authorities to adapt will determine their survival. T he report that outlines SA’s strategy and planned response to the fourth industrial revolution (4IR) has been gazetted.. Technol. In its most pessimistic, dehumanized form, the Fourth Industrial Revolution may indeed have the potential to “robotize” humanity and thus to deprive us of our heart and soul. See further details. Fingerprint Dive into the research topics of 'How to respond to the Fourth Industrial Revolution, or the second information technology revolution? And the breadth and depth of these changes herald the transformation of entire systems of production, management, and governance. Industrial Agility - How to respond to the 4th Industrial Revolution. The history of warfare and international security is the history of technological innovation, and today is no exception. On the supply side, many industries are seeing the introduction of new technologies that create entirely new ways of serving existing needs and significantly disrupt existing industry value chains. 22 Jul 2020 . We are on the precipice of what the World Economic Forum calls the Fourth Industrial Revolution. 2018; 4(3):21. Ubiquitous, mobile supercomputing. Since Klaus Schwab and the World Economic Forum declared the arrival of the Fourth Industrial Revolution, there has been much discussion about it. It is a new chapter in human development, enabled by extraordinary technology advances commensurate with those of the first, second and third industrial revolutions. Moreover, it is disrupting almost every industry in every country. Genetic editing. If you are having any questions, please feel free to ask. Journal of Open Innovation: Technology, Market, and Complexity. respond to the Fourth Industrial Revolution in terms of technology?”, “How can we respond to the Fourth Industrial Revolution in terms of firm innovation and start-up strategy?” Brainstorming was conducted by 11 scholars from several countries to answer these four research questions. Complex. And these possibilities will be multiplied by emerging technology breakthroughs in fields such as artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3-D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing. Min Hwa Lee, Jin Hyo Joseph Yun, Andreas Pyka, Dong Kyu Won, Fumio Kodama, Giovanni Schiuma, Hang Sik Park, Jeonghwan Jeon, Kyung Bae Park, Kwang Ho Jung, Min Ren Yan, Sam Youl … Physical products and services, moreover, can now be enhanced with digital capabilities that increase their value. There has never been a time of greater promise, or one of greater potential peril. The speed of current breakthroughs has no historical precedent. The result is a job market with a strong demand at the high and low ends, but a hollowing out of the middle. A key trend is the development of technology-enabled platforms that combine both demand and supply to disrupt existing industry structures, such as those we see within the “sharing” or “on demand” economy. In addition to being a key economic concern, inequality represents the greatest societal concern associated with the Fourth Industrial Revolution. How to respond to the Fourth Industrial Revolution, or the second information technology revolution? 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