Frontier technologies associated with the 4th Industrial Revolution (4IR) will transform many parts of our economy and society. This will offer opportunities for start-ups, particularly those that leverage new technologies to create new markets or disrupt dominant providers in existing markets through increased efficiency and product differentiation. The scale of transformation associated with 4IR will generate many opportunities, and start-ups will drive a lot of this transformation if it is in an environment where dominant players are not shielded from competition.

Citypreneurs focuses on impact, including economic, social, and environmental impact. Inherent in this approach is to integrate externalities into the assessment of business models. Therefore, it is important to consider the ethics surrounding the way new technologies are used, and whether it is environmentally and socially sustainable; the assessment should also include both the outcomes (the ends) as well as the process (the means).

A humancentered approach is not only important from the perspective of positive impact; it is also crucial in the era of increased human-computer interaction that still relies on humans to make choices in the marketplace. A human-centered approach is therefore also important to access new markets and generate revenue.

To successfully take advantage of 4IR, start-ups and innovators must have access to competitive markets. Existing corporations and the government will have a role to play in ensuring the market is open and competitive. Zero-sum thinking can inhibit the generation and diffusion of innovation and lead innovators to relocate to markets that are more open, therefore weakening the innovation system overall. The interlinked nature of 4IR technologies further benefits from positive sum thinking that promotes collaboration.

As with all economic transformations, there are risks associated with frontier technologies. One area of concern that has already showed up in statistics is the impact of automation technologies on employment, particularly youth employment. Young people in the Republic of Korea have experienced a trend of in declining employment rates, not just in manufacturing, but also in professional services and office clerical work. As the country leads the world in robots per capita, the trend of AI displacing non-manufacturing employment may be an early data point signaling potential labour market disruptions. Supporting youth entrepreneurship is therefore an important opportunity for young people as traditional avenues of employment narrows.

The transformative potential of 4IR will affect everyone in society in profound ways, making it important that everyone be included in this revolution. Inclusion is important both in the composition of its workforce and in their approach to customers. If opportunities arising from 4IR continue to be dominated by one segment of the population while the dislocation effects are borne by others, the social sustainability of 4IR will be challenged. Inclusion in hiring and investments will be a crucial factor in expanding opportunity and mitigating against increasing inequality. Additionally, the engagement of diverse groups in the development and implementation of new technologies will be important to spread the benefits of 4IR products. This is particularly important in the context of rapid population ageing, in which a large portion of the population may not be digital natives. An inclusive approach here will further support the expansion of new markets for 4IR start-ups.