It is rare to find an article nowadays without mention of the term “fourth industrial revolution”. This is not necessarily a bad thing, since as a phenomenon it is likely to affect everybody, and consequently everyone has an opinion. However, what seems to be missing in all this discourse is a real understanding of the role of innovation and entrepreneurship in the current revolution. During the first industrial revolution, entrepreneurs played pivotal roles as owner-managers who pooled the factors of production (land, labour, and capital) into a thriving business. Industrial history confirms that the birth of new industries has always depended upon the revolutionary skills of entrepreneurs. Indeed, what seems obvious now was once revolutionary, and technological innovation driven by entrepreneurs is recognised as a driving force in the economic growth process. In the current technological milieu, traditional ways of doing business are being rapidly transformed. In recent years the ...

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