Corporate Digital Entrepreneurship: Leveraging Industrial Internet of Things and Emerging Technologies
Swapan Ghosh, Mathew Hughes, Paul Hughes, Ian R. Hodgkinson
Abstract
Abstract Industrial firms are under severe pressure to innovate by leveraging the industrial Internet of things (IIoT) and emerging digital technologies. Digital entrepreneurship for existing organizations (corporate digital entrepreneurship) is a key differentiating factor in a highly competitive and disruptive environment. However, there is limited guidance for corporate digital entrepreneurship and industrial managers do not have a conceptual framework to navigate their organizations for new product and process innovation. This paper discusses the importance of emerging digital technologies for digital entrepreneurship and presents a conceptual framework of corporate digital entrepreneurship highlighting three elements—business model transformation, operating model transformation, and cultural transformation—which is necessary for fostering digital entrepreneurship in organizations. The chapter presents three case studies and discusses practical implications for the future.