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

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 Lee, Xiaofei Zhao

Research output: Contribution to journalArticlepeer-review

110 Citations (Scopus)

Abstract

Since Klaus Schwab and the World Economic Forum declared the arrival of the Fourth Industrial Revolution, there has been much discussion about it. However, there is no commonly agreed-upon definition of the Fourth Industrial Revolution. Therefore, we attempted to answer the following four research questions. "What is the definition of the Fourth Industrial Revolution?", "How can we respond to the Fourth Industrial Revolution in terms of institutions?", "How can we 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. Therefore, this research is not the end product of four research questions, but a kind of advanced template to answer the four research questions for continuing research.

Original languageEnglish
Article number21
JournalJournal of Open Innovation: Technology, Market, and Complexity
Volume4
Issue number3
DOIs
Publication statusPublished - 2018 Jun 21

Bibliographical note

Funding Information:
Firm innovation and start-up would benefit from financial support and nurturing from the public and private sectors working together. An eco-innovation system is important to sustainably facilitate innovations and start-up through the phases of innovation. Such a system would include grants to support R&D for opportunity and idea generation, angel and crowd funding for intellectual property, challenge funds and tax incentives for seed start-up teams and incubation, venture capital and accelerators to support early-stage growth, government-backed incubators and enablers from the policy and regulatory environment, and equity for the continuous growth.

Publisher Copyright:
© 2018 by the authors.

All Science Journal Classification (ASJC) codes

  • Development
  • Sociology and Political Science
  • Economics, Econometrics and Finance(all)

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