Workshop on Industry 4.0: How startups are transforming the manufacturing industry
Deloitte’s Innovation and Entrepreneurship Centre in cooperation with CUTing Edge and the Embassy of Israel, organized a workshop on November 7th, 2017 with the topic: Industry 4.0 – the transformation of the manufacturing industry and opportunities for startups.
Industry 4.0 refers to The Fourth Industrial Revolution and the birth of the smart factory in which cyber-physical systems can monitor the physical processes of the production and make decentralized decisions in real time. In "Smart Factories", high-speed microcomputers, artificial intelligence, sensors, 3D printers, big data, and nanotechnology, allow the creation of a virtual replica of the natural factory, thereby, providing manufacturers the possibility to constantly monitor production processes in real time. The birth of the ‘smart factory’ is pressuring manufacturers to alter their existing processes and digitize their production lines, creating therefore opportunities for startups to develop solutions and services to help businesses meet the needs of this new environment.
In an effort to inspire startups with the development of such solutions, speakers at the workshop Zohar Yami (Deloitte Israel), Monica Ioannidou (Deloitte Cyprus) and Yonatan Gorfung (Deloitte Israel), explained the Industry 4.0 concept to participants and presented examples of solutions that are altering the manufacturing industry. Specifically, Zohar gave an overview of the recent trends as regards the needs of manufacturing business during the 4th Industrial Revolution, and Yonatan provided them with examples of best practices. Monica explained the current situation of the Cyprus manufacturing industry and gave insights as to the direction of technologies that could be applicable for factories in the country. Monica also talked about ARIS – A Really Inspiring Space, an idea accelerator for early stage startups that has been created by Deloitte and Bank of Cyprus in the centre of Limassol. Yonatan introduced the participants to the Industry 4.0 startup ecosystem and outlined the opportunities for startups in the field.
The workshop was a major success and the participants enjoyed the interactive workshop with cold beers and chips, which were kindly sponsored by KEO BEER and Lay’s Cyprus respectively.