Page - 185 - in Digital Entrepreneurship - Impact on Business and Society

3 ConceptualModel/Empirical Findings Emerging digital technologies (Industrial IoT, AI/ML, Blockchain, etc.) foster digital entrepreneurship by providing a disruptive solution development paradigm so that new and existing companies develop new products and services across multiple industries by leveraging these technologies (Lee and Lee 2015). IoT provides new opportunities for innovation (Krotov 2017), whereas artificial intel- ligence (AI) has a significant impact on the economy as it is being considered a “method for invention”which positively changes the innovation processes within an organization and the roles of R&Dwithin that organization (Cockburn et al. 2018). AI/ML-based technologies are helping digital entrepreneurship in medical technologies including expert system guided medical diagnosis (Cockburn et al. 2018), home health care (Augusto et al. 2007), intensive care unit applications (Hanson and Marshall 2001). Outside healthcare, AI/ML-based applications are accelerating digital entrepreneurship in manufacturing, retail, and other industrial businesses.Byutilizing IoT,AI/ML,andother Internet technologies,manufacturers have developed proactive preventivemaintenance solutions for theirmachines and they are offering product-as-service business models to their customers.9 IoT and AI/ML serve as a boon for retail companies as they collect huge amounts of customer data fromdifferent customer interactions, analyze the data usingmachine learning techniques, and provide new and enhanced customer-centric solutions includinghighly structuredweb shops, intelligent in-store bots, andonline chatbots (Fig. 1).10 Fig. 1 Conceptual framework for corporate digital entrepreneurship 9https://www.forbes.com/sites/insights-intelai/2018/07/17/how-ai-builds-a-better-manufacturing- process/#38a799f01e84. 10https://medium.com/datadriveninvestor/how-ai-will-change-the-retail-industry-in-2019- c817091c6306. 190 S. Ghosh et al.