Big Data for Entrepreneurship and Sustainable Development

Mohammed El Amine Abdelli, Wissem Ajili-Ben Youssef, Uğur Özgöker, Imen Ben Slimene, Mohammed El Amine Abdelli, Wissem Ajili-Ben Youssef, Imen Ben Slimene, Uğur Özgöker

• Publisher: CRC Press
• Year: 2021
• Print ISBN: 9780367546632
• eBook ISBN: 9781000454444
• Topic: Business
• Subtopic: Data mining
• Index: Business

This book provides insight for researchers and decision-makers on the application of data in the entrepreneurship and sustainable development sector. This book covers how Big Data for Industry 4.0 and entrepreneurship are effective in resolving business, social, and economic problems.

The book discusses how entrepreneurs use Big Data to cut costs and minimize the waste of time. It offers how using Big Data can increase efficiency, enables the studying of competitors, can improve the pricing of products, increase sales and loyalty, and can ensure the right people are hired. The book presents how decision-makers can make use of Big Data to resolve economic and social problems. Analyze the development of the economy and enhance the business climate.

This book is for researchers, PhD students, and entrepreneurs and can also be of interest for transforming governments as well as businesses.

1Entrepreneurship and Social Innovation in Big Data Era A Particular Focus on the Internet of Things

Hassan Ayoub, Nathalie Achkouty

Lebanese University, Lebanon

DOI: 10.1201/9781003090045-1

CONTENTS

• 1.1Introduction
• 1.2Big Data
• 1.2.1History of Big Data and Background Behind It: Data Era
• 1.2.1.1First Industrial Revolution
• 1.2.1.2Second Industrial Revolution
• 1.2.1.3Third Industrial Revolution
• 1.2.1.4Fourth Industrial Revolution
• 1.2.2Data Era and Technologies
• 1.2.3What Can Big Data Solve
• 1.2.3.1Availability and Capability
• 1.2.4Successful Stories
• 1.2.5Internet of Events
• 1.2.6The Four Vs and Challenges of Big Data
• 1.3Big Data, Entrepreneurs, and Innovation
• 1.3.1Importance of Entrepreneurship and Sustainability
• 1.3.1.1Sustainability
• 1.3.1.2Sustainability and Entrepreneurs
• 1.3.2Importance of Innovation
• 1.3.3Entrepreneurship, a Path of Innovation in Big Data Era
• 1.3.3.1The New Entrepreneurial Context
• 1.3.3.2Opportunities
• 1.3.3.3Big Data and Open Innovation
• 1.3.3.4The Use of Big Data for Social Innovation
• 1.4Internet of Things
• 1.4.1What is IoT?
• 1.4.2Opportunities to Innovate with IoT
• 1.4.2.1Business Innovation Framework
• 1.4.2.2Foundational Capability
• 1.4.2.3IoT Business Innovation Model; Orchestrating Value Networks
• 1.4.3IoT for an Enriched World
• 1.5Conclusion
• Notes
• References

1.1 INTRODUCTION

An equilibrium between short-term benefits and long-term financial, social, and environmental sustainability is essential for success in the entrepreneurial path nowadays. Entrepreneurs need viable initiatives to maintain this balance. The need for entrepreneurs combining sustainability and business is increasingly growing, making them conscious of the UN's sustainable development goals announced in 2015. Entrepreneurs’ initiatives need to be sustainable yet stay competitive in a dynamic environment, hence linking entrepreneurs and sustainability. However, it is not an easy task; as Kofi Annan once said, “Our biggest challenge in this new century is to take an idea that sounds abstract sustainable development and turn it into reality for all the world's people.” Therefore, the value should be shared between companies and businesses and the regions these are operating in. To meet the social and environmental needs cost-effectively, a growing number of initiatives included the “shared value concept” in their formulation of new products and services through different strategies. The volume of data received daily has reached up to tens of millions of records or more. A vast number of data is captured, from music recommendation to Siri conversations and so forth; more and more data is being generated. The rate of collecting data from a wide variety of sources by modern computer systems is unimaginable.

This chapter examines entrepreneurship and sustainability concerning the big-data era. Big data has had a significant impact on society, permitting entrepreneurs to contribute to social change, participate in sustainability, and innovate. Big data can improve the world ever since it has been a significant part of a study related to entrepreneurship, innovation, and sustainability.

The first part will tackle the subject of big data. To better understand this concept, it is essential to study the history and background of these phenomena, the link between technologies and big data, the Internet of Events, the 4Vs and the challenges of big data, and how big data can solve problems using successful stories.

The second part will discuss a vital domain, entrepreneurship, covering who entrepreneurs are, how they are related to sustainable development, innovation, and how entrepreneurship can be a path for innovation and sustainability in the data era.

The last part introduces and defines the Internet of Things (IoT), a game-changer of a business's overall ecosystem transformation according to JOER Grafe, a senior market analyst at IBM, which enlightens the opportunities to innovate with IoT when it is used to improve the world.

1.2 BIG DATA

Big data processes the possibility of changing how an entrepreneur or stakeholder makes a decision and develops social innovation and social change of a social ecosystem. What is big data, and what is its background?

1.2.1 History of Big Data and Background behind It: Data Era

The four industrial revolutions summarize the history and background of big data.

1.2.1.1First Industrial Revolution

Europe and the United States transitioned to the new manufacturing processes; machines replaced hand-production methods. It was the upswing of the new mechanized factory system; this led to the first industrial revolution (see Figure 1.1). The use of steam power¹ and waterpower was the trigger element. The textile was a supreme industry. In 2014, Beckert stated that there were 50,000 spindles in Britain (1788), reaching 7 million over the next 30 years. In 1831, the share of value related to the cotton textile industry in Britain was 22.4%.

FIGURE 1.1The Industrial Revolution Source: (see Shank, P., 2025: How Will We Work? How Will Your Job Change? 2016, ATD).

One of the consequences of the first industrial revolution was population growth and urbanization. The first industrial revolution caused developed countries to muddle through modern economic growth and mirrored industrialization of third-world countries, being a real turning point for world economic development.

1.2.1.2 Second Industrial Revolution

The second industrial revolution was also known as the technological revolution, and industrialization was a key element during this revolution. As [1] classified it, the period between 1859 and 1873 was the most fruitful and dense in innovation history ever knew.

In the twentieth century, electrification was listed by the National Academy of Engineering as the ultimate engineering accomplishment.² Other industries were considered the most important, such as gas, water supply, and telegraph. The second industrial revolution led to urbanization and the mass movement of people to cities. As a result, by the nineteenth century, 40% of the US population occupied the cities, in contrast with the eighteenth century, where it only reached 6%.

1.2.1.3Third Industrial Revolution

The digital revolution or the Internet revolution was also known as the movement from analog to digital technologies. Supply chains became global, and automation of production took place due to this industrial revolution. As [2] stated: “The Third Industrial Revolution is an insider's account of the next great economic era, including a look into the personalities and players—head of state, global CEOs, social entrepreneurs and NGOs—who are pioneering its implementation around the world.”

1.2.1.4Fourth Industrial Revolution

During the 2016 Davos Forum, the fourth industrial revolution was categorized by Klaus Schwab [3], the World Economic Forum (WEF), as a disruptive innovation known for replacing models and values with entirely new ones.

The comparison between the third and the fourth revolutions can conclude that the third industrial revolution was the digital and Internet era (automation). In opposition, the fourth industrial revolution is more a data era, the Artificial Intelligence era.

World-renowned economist and founder and executive chair of the World Economic Forum, [3], proposed that the fourth industrial revolution will alter how we live and how we work, and that there is a possibility to shape that revolution.

In summation of all four revolutions: the first revolution started with the steam engine followed by mechanization, where countries surpassed other countries when adopting automation. The second one started with electricity and mass production prevailing everywhere. In the 1970s, computer technologies were combined with traditional manufacturing processes, which led to efficiency gain. During the third revolution, IT innovation and digital transformation reduced costs, improved efficiency, and spurred innovative ideas in the data era. Dickens clarified that concerns related to managing costs decreased. Many executives applied IT innovation in their organizations to improve effectiveness and innovative convenience. The combination between the digital world and the physical one we see currently results from the fourth revolution. New systems are emerging, changing our environment and lives.

Big data led to a new digital philosophy, consisting of large volumes of data collected, high velocity of updates done quickly and frequently, and a wide variety of different formats and contents, reflecting a new mechanism of doing business across all functions.

1.2.2 Data Era and Technologies

Exploring and experimenting with data in ways that have not been possible or practical a few years ago is probable these days due to new technologies, rapidly developing, that have dramatically reduced dataprocessing time [5]. Big dat...

Table of contents

• Cover
• Half Title
• Series Page
• Title Page
• Copyright Page
• Dedication Page
• Table of
• Foreword
• Preface
• Contributors
• Editor Biographies
• Chapter 1 Entrepreneurship and Social Innovation in Big Data Era: A Particular Focus on the Internet of Things
• Chapter 2 Big Data for Entrepreneurship Towards CSR and Sustainable Development
• Chapter 3 Finance, Digital Disruption, and Sustainability: Issues, Challenges, and Future Directions
• Chapter 4 Disruptive Financial Innovation and Big Data Implications in Digital Finance
• Chapter 5 Cybersecurity Aids Financial Institutions Performance
• Chapter 6 Sustainability-Oriented Cost Management Tools and Big Data Analytics: An Organizing Framework for Enhancing Sustainable Decision Making
• Chapter 7 Industry 4.0 and Digital Supply-Chain Management: ERP-SCM Implementation
• Chapter 8 New Forms of Effective Collaboration: How to Enhance Big Data for Innovative Ideas in the Online Environment
• Chapter 9 Rethinking Tourism Entrepreneurship Amidst COVID-19 Through the Lens of Artificial Intelligence and Big Data Analytics
• Chapter 10 The New Trends Technology of Entrepreneurship in the Incubators: A Case Study of Cyberpark Sidi Abdallah
• Index