Page - 179 - in Digital Entrepreneurship - Impact on Business and Society

1 TheRelevance of the Topic Innovation and entrepreneurship are intertwined and most often entrepreneurship startswith innovationbyan individual or groupofpeople (Gustavssonet al. 2018). The great economist Schumpeter suggested that entrepreneurship by individuals or bya largefirmcoulddrive the innovation andgrowthof afirm (Schumpeter 1934). In corporate entrepreneurship terms, acts of entrepreneurship (or intrapreneurship within the boundaries of the firm) and innovation are needed to perpetuate and sustain an organization over time (Kraus et al. 2018; Hughes andMustafa 2017). Despite considerable scholarly discussion about entrepreneurship, we must increasingly pay attention to digital technologies and its profound impact on entrepreneurship (a phenomenon termed “digital entrepreneurship”) (Nambisan et al. 2017) as we traverse the new industrial revolution. The practitioners have started multiple digital transformation initiatives; however, they have limited guidelines for fostering entrepreneurship in a large organization. The Fourth Industrial Revolution (Industry 4.0) and the industrial Internet of things (IIoT) are fundamentally changing the industrial landscape, and digitization of businesses is driving innovation and change in organizations (Kagermann et al. 2014). We are also moving from the Fourth Industrial Revolution to the Fifth Industrial Revolution (Industry 5.0), where man and machine will be integrated seamlessly to deliver business outcomes and artificial intelligence (AI) will bring the Fifth Industrial Revolution.1 Digital (corporate) entrepreneurship in large organizations using digital technology is more important now than a decade ago. For example, businesses must anticipate and address digitization in business and corporate strategies (Mithas et al. 2013; Kohli and Grover 2008), revise organi- zational design (Sund et al. 2016), and must implement new digital technologies (Setia et al. 2013) and generate new capabilities (Tripsas and Gavetti 2000) to innovate new value propositions (Krotov 2017), or else be left behind. As appro- priately surmised byBill Ruh, former CEOofGEDigital,2 “if you cannotmaster the idea of digital inside your business, you are opening the door for commoditi- zation.”Byleveraging industrial IoTandotherdigital technologies suchasartificial intelligence (AI),machine learning (ML), blockchain, bigdata/analytics,managers, and corporate entrepreneurs can accelerate business transformation, which in turn will optimize the organizational productivity and increase customer satisfaction. Industrial IoT requires new business models and the concepts of digital entrepreneurship and traditional entrepreneurship are merging together for indus- trial businesses. This chapter discusses how large and established companies are accelerating corporate digital entrepreneurship by leveraging industrial IoT and emerging technologies. 1https://www.robotics.org/blog-article.cfm/What-is-Industry-5-0-and-How-Will-Industrial- Robots-Play-a-Role/99. 2https://www.forbes.com/sites/maribellopez/2018/01/24/ge-digital-ceo-shares-insights-on-digital- transformation-in-industrial-markets/#23e4b1fe3385. 184 S. Ghosh et al.