Global Industry 5.0 Ecosystem and Map

Startups like - the Kitchen Automating startup - KitoSys is an Industry 5.0 deep-tech startup because, by automating the process of cooking, they are saving resources (sustainable), empowering humans, especially women, to work outside the kitchen (human-centric) and ensuring cooking as a process will never get disrupted as its automated (resilient). Hivebotics with its toilet cleaning robot, exemplifies Industry 5.0 by reducing water usage through programming specific parameters in the robot. It is human-centric by taking away the need for someone to do menial routine work, which therefore opens the door for upskilling. It remains resilient because it can work exactly how it was intended to without human oversight. Slaylewks, an e-marketplace solution for beauty salons, embodies industry 5.0 through sustainability by creating a paperless environment during booking. Slaylewks is resilient by removing human error and streamlining the booking process and service availability. Ecosystem enablers like - Enterprise Singapore, the nodal Singapore government agency, focus on promoting enterprise development in Singapore and empowering industry 5.0 startups across the globe by backing partners like River Venture Studio. Other ecosystem enablers like SGInnovate and IMI Automation build industry5.0 ventures, invest in them, and ensure the startups solve real-world problems. Investors like - TISI advocate sustainability by creating eco-friendly industrial interventions such as energy-saving installations and waste-minimization technologies; Hitachi Ventures and Micron Venture provide capital for building green deep technologies. Venture Capitalists like Monk Hill Ventures and Gateway Ventures invest in sustainable energy and technology startups, including start-ups with solutions for clean energy and smart grid technologies.

The list is rather long and is available here. This article will focus on educating readers more about the different facets of the Industry 5.0 ecosystem.

Introduction to the Industry 5.0 Ecosystem

Industry 5.0 represents the next evolutionary step in industrial development, characterized by the harmonious integration of human intelligence and cognitive computing technologies. Unlike its predecessor, Industry 4.0, which targeted automation and digitalization of manufacturing processes, Industry 5.0 seeks to foster collaboration among people and advanced technologies such as Artificial Intelligence (AI), Robotics, and the Internet of Things (IoT). The collaborative approach aims to harness the unique strengths of both human creativity and machine precision to improve production efficiency, innovation capacity, and ecological balance within the industry. In other words, industry 5.0 means personalized manufacturing where products are more human-oriented taking into account the personal needs of each separate customer for higher value-added products or services (European Commission, 2021).

Human-centricity is a foundational principle of the Industry 5.0 ecosystem, prioritizing the enhancement of human capabilities and well-being within industrial environments. This approach acknowledges that humans are inimitable resources that need to be tapped into because of their creativity, problem-solving abilities, and elasticity. Cobots (collaborative robots) and other AI-based systems allow for investments that enhance human operations by improving workplace safety, shaping human abilities, and through ergonomic upgrades in the working area. This human-focused strategy not only increases employees’ satisfaction and performance but also enhances the diverse and competent population.

Another important element of the strategy of the Industry 5.0 ecosystem is the concept of resilience; meaning that industries require solid and viable structures that can be easily rehabilitated in case of shocks. The challenges that emerged in the last few years, for instance, the global pandemic of COVID-19, make it possible to emphasize the necessity of sustaining supply chains and manufacturers. The application areas of technologies like digital twins, IoT, and predictive analytics are also being used to improve facility operational resilience. For instance, Siemens uses digital twin processes to visualize and control manufacturing procedures, rendering preventive measures to reduce disruption (Siemens, 2022). These advancements contribute to the possible uninterrupted running of the systems and increase the general dependability of industrial processes.

Sustainability is an ever-present factor that runs through the framework of the Industry 5.0 ecosystem in line with global practices on climate change and the protection of the environment. The implementation of sustainable measures in industrial processes is driven by integrating applications of sophisticated technology in the utilization of resources for industrial operations to reduce energy and resource waste and enhance the efficiency of production with the help of AI and IoT. For example, the European Union provides a significant amount of its Horizon Europe program’s financing for the research of sustainable manufacturing technologies and support for the implementation of energy-saving approaches and circular economy principles (European Commission, 2021). These activities go a long way in conserving the environment and, in the process, lead to economic advantages since they help organizations avoid penalties resulting from noncompliance with environmental laws.

The implementation of Industry 5.0 necessitates the development of a robust ecosystem that supports seamless human-machine interactions. The ecosystem contains several elements, such as advanced robotics, digitized platforms that are connected, smart sensors, and AI-based analytics. As a result, the real-time exchange of data is facilitated by these components collectively along with decision-making processes (Pan, Zhang, & Mak, 2020). Besides, the Industry 5.0 ecosystem advocates for the inclusion of sustainability and resilience principles within industrial activities, with a focus on minimizing environmental impacts while improving adaptability to shifting market demands (Rauch et al., 2020). Therefore, it becomes imperative for academia, industry, and policymakers to collaborate toward promoting innovation, addressing skill gaps, and building supportive frameworks that ensure the ethical and responsible application of advanced technologies.

Global Industry 5.0 Startup Ecosystem

Building upon the overarching principles of Industry 5.0—human-centricity, resilience, and sustainability—the global startup ecosystem is playing a pivotal role in driving this industrial transformation and a renewed focus on human-centric innovation. Many experts believe that this revolution is currently led by startups from all over the globe that have designed solutions that unlock human creative potential with the help of artificial intelligence (AI), robotics, and the Internet of Things (IoT). This shift from the automation-focused Industry 4.0 to the framework of collaboration of Industry 5.0 is encouraging the evolution of different types of businesses and creating the conditions that encourage the implementation of manufacturing methods that focus on the individual added value of the product. The startups in this ecosystem are utilizing AI and machine learning to build systems that are self-learning, and thus optimize human ability in order to come up with improved and sustainable manufacturing solutions (European Commission, 2021).

Technology companies are turning their attention to human-centric technologies, which are focused on improving human contribution, rather than displacing it. Collaborative robots (cobots) are one example of this technology, created by companies like Fetch Robotics. These robots work alongside workers to help with logistics tasks, reducing the physical difficulty of the work and allowing people to focus more on unique and critical thinking tasks like creative activities (Fetch Robotics. 2022). Augmentir in the USA is another commercially available AI-driven platform that gives real-time help and training to enhance worker skills and productivity (Augmentir. 2022). In Europe, Universal Robots is coming up with cobots that can take on repetitive or dangerous operations while human personnel work on innovative activities (Universal Robots, 2022).

The COVID-19 pandemic has caused a global disruption, which has further intensified the focus of Industry 5.0 startups on building resilience. Startups are innovating to enhance supply chain and manufacturing process resilience: for example, the AI and big data company Everstream Analytics in Asia is providing real-time supply chain visibility and risk management services using AI and big data, enabling businesses to anticipate and mitigate disruption (Everstream Analytics, 2021). Digital twin technology has been adopted by various startups to provide continuous monitoring and predictive maintenance of physical assets to reduce downtime and enhance adaptive and resilient industrial operations (Gartner, 2021).

Industry 5.0-related start-ups all have a strong focus on sustainability, which is also closely aligned with global climate change and environmental protection measures. Start-ups are the main driver of technological innovation that aims to use resources more efficiently and have less of a negative impact on the environment. Carbon Clean in the United Kingdom, for example, is a company that is developing technology to capture carbon, technology that can potentially reduce industrial CO2 emissions (Carbon Clean, 2022). Furthermore, start-ups such as AMP Robotics in the USA are making recycling history with their AI and robotics automation technology, which is considerably improving the efficiency of waste sorting, ultimately making it easier for a circular economy to be achieved (AMP Robotics, 2022). The aforementioned technologies not only sustain industrial practice but also lead to cost savings and allow regulatory compliance for environmental policies to be achieved with ease.

Global Industry 5.0 Corporate Ecosystem

The Industry 5.0 corporate ecosystem is also transforming due to the increased use of digital solutions in various industries by companies to increase the efficiency of their activities, as well as the use of innovative ways of creating their products and services. Different from the previous phase, Industry 4.0, which mostly focused on automation and digitalization, Industry 5.0 makes people work hand in hand with cognitive computational systems and robotics, thereby combining both human and artificial intelligence to form a mutually advantageous approach. They are establishing a human-oriented approach, to enhance ways of customization and decision-making and to maintain the creation of additional valuable services and products. In today’s environment, key players are daily leveraging artificial intelligence (AI) and the Internet of Things (IoT), as well as collaborative robots, also known as cobots, to stay relevant in the market (European Commission, 2021).

At present, there is an increase in the use of technologies that focus on human-centric approaches in the business world, making robots more relevant. It reveals how companies are beginning to use collaborative robots with machine learning and artificial intelligence approaches across different sectors. An example of such an application is the collaboration Siemens is doing with cobots in manufacturing to have the robots handle hazardous and monotonous tasks while increasing worker productivity by reducing the physical demands of monotonous routine duties (Siemens, 2022). Bosch is providing real-time assistance to their workers and is building up their workers by letting them pick from the best results that cognitive intelligence will demonstrate (Bosch, 2021).

In the Industry 5.0 organizational environment, resilience stands out as another key focus. The fallout of the COVID-19 pandemic further emphasized the need of the industry for robust and adaptable industrial systems. Different companies are increasingly investing in digital twin technology, IoT technology, and advanced analytics to enhance the operational resilience of their industrial operations. For example, General Electric (GE) uses digital twin technology, which is an imaginary model of the actual physical assets of any company. By this, GE created virtual replicas that allow them for continuous monitoring and enable them for predictive maintenance (GE, 2022). Ultimately, it minimizes downtime and enhances the entire reliability and adaptability of industrial operations. Besides, multinational companies incorporate IoT and advanced analytics to enable real-time visibility and risk management throughout the entire supply chain, for instance, Procter & Gamble carries out improvements and advancements in business continuity during times of disruption (Procter & Gamble, 2021).

The global Industry 5.0 enterprise ecosystem’s strategic agendas heavily focus on sustainability. The industry has made significant strides in leading the way for sustainable practices and contributing to a lesser environmental footprint. Unilever has made the commitment to net-zero emissions from their operations by 2039, and they utilize AI and IoT in order to be more energy-efficient and produce less waste (Unilever, 2021). Schneider Electric is changing the trajectory of industrial operations by making energy-efficient artifacts and pushing for more renewable energy sources. These efforts are being made to conserve the environment and also lead to economic gain by presenting savings and complying with rigorous environmental laws (Schneider Electric, 2021).

Industry 5.0's corporate ecosystem’s prominence in Asia is highly technological, particularly in Japan, China, and South Korea. It is attributed to smart manufacturing, with a major focus on information technology and collaboration between man and machine. A good real-world example – is Toyota, which has come up with the Toyota Production System, which combines AI and robots to augment human capacity as well as precision during production. Toyota and Mitsubishi, the key Japanese manufacturing organizations, are already utilizing robotics as well as IoT for generating intelligent production spaces (Toyota, 2022). In China, Huawei and Alibaba companies are among the front-runners in the manufacturing of AI and Big Data Analytics to enhance manufacturing and supply chain management (Wu et al., 2021). Domestic titans such as Samsung from South Korea are also slowly and gradually integrating Industry 5.0 technologies, although they have mostly concentrated on smart factory implementation and applying Artificial Intelligence and automation techniques to hold on to their competitive edge (Lee & Lim, 2021).

Global Industry 5.0 Investment Ecosystem

The Industry 5.0 investment ecosystem is now expanding rapidly owing to a lot of attention from venture capitalists, private equity firms, and even governmental bodies that are awaking of the fact that human intelligence coupled with advanced technologies could change the world. These developments summarize that a significant amount of capital is being invested in startups and established companies in the fields of artificial intelligence, robotics, and the Internet of Things. These developments are leading to what is known as the "Industry 5.0" paradigm shift, which emphasizes the symbiosis between humans and machines. The application of these technologies has evolved beyond being merely a trend; it is now a crucial strategic necessity. It remains a top business priority since it leads to better customer targeting, better resource utilization, and the creation of environmentally friendly production processes (European Commission, 2021).

Human-centricity in the Industry 5.0 investment sphere addresses the necessity to prioritize technologies that can be used to enhance human engagement in industrial processes. Technology investments are currently being made by investors in start-up and corporate companies that are developing physical assistance robots, macrolevel AI-controlled infrastructures, and technology capable of extending human-like cognitive abilities, among others. SoftBank Vision Fund, which invests heavily in robotics companies such as Boston Dynamics, is an example of this. Boston Dynamics is committed to developing robots that can work next to people to increase performance and safety. Accordingly, investors are spending their money on those technologies that can be shown to help improve human industrial experiences while fostering a more inclusive industrial environment.

Sustainability is being embedded within the Industry 5.0 ecosystem through investment strategies and decisions being undertaken by investors. In line with global objectives surrounding climate change and environmental stewardship, investors are favoring companies that produce sustainable technologies and practices. For instance, BlackRock has confirmed its commitment to increase its sustainable investments, with a specific focus on companies that are active in supporting a low-carbon economy (BlackRock, 2021). Investments in renewable energy, energy-efficient technologies, and circular economy models are required for financial sustainability. As a result, many new startups, the aforementioned ones, such as Carbon Clean, which focuses on carbon capture technology, and AMP Robotics, which supports advancements in recycling automation, are being funded and gaining capital to continue their work in providing sustainable solutions (Carbon Clean, 2022; AMP Robotics, 2022).

In the 5.0 industrial system, resilience is also going to continue to be a major investment area. The COVID-19 pandemic has shown a need for resilient industrial systems as global disruptions occur. Resilient systems emphasize the robustness and adaptability of the active industrial operations and investment activities supporting this move. For example, Venture Capital firms are investing in companies that are in the area of digital twin technology. These companies utilize digital twin technology to create virtual models of physical assets; in return, these models allow for real-time monitoring and predictive maintenance. This type of investment can mean less downtime in operations and greater confidence in the reliability of industrial systems (Gartner, 2021). In addition, with AI and IoT, investment in supply chain management has helped companies anticipate and prepare for disruptions to keep business in business—or sustain business continuity (Deloitte, 2021).

Asia, particularly China, Japan, and South Korea is also experiencing a surge in investments aimed at advancing Industry 5.0 technologies. Currently, firms like Alibaba and Tencent are increasing their spending on AI and IoT in a bid to improve their industrial standing. Other government policies, such as China’s “Made in China 2025,” are extending support to the high-tech manufacturing industries (Wu et al., 2021). Major firms, including SoftBank and Mitsubishi from Japan, are actively seeking the use of robotics and artificial intelligence for their productions as a way of cutting costs and improving efficiency. Smart factories and Industry 4.0, along with the incorporation of AI and automation, have drawn a lot of interest in South Korea from both the public and private domains, making South Korea a leader in Industry 5.0 (Lee & Lim, 2021).

Singapore's Industry 5.0 Ecosystem

The Singaporean government plays a key role in the development and deployment of Industry 5.0 owing to the implementation of Industry 5.0 technologies. Recognized government plans such as the Smart Nation program and Research, Innovation, and Enterprise (RIE) 2025 have signaled the government’s interest in boosting technological advancement and digitalization. These programs are mainly aimed at the improvement of AI, robotics, and IoT capacities, with increased funding and support for R&D projects in these strategic domains (Smart Nation and Digital Government Office, 2021). Additionally, the Advanced Remanufacturing and Technology Centre (ARTC) in Singapore, is the focal hub that connects industry players, research and development establishments, and government agencies to spearhead the advancement and application of Industry 5.0 technologies (ARTC, 2021).

Human-centricity is one of the essential concepts of Industry 5.0 that is evident in Singapore’s business environment strategies. This is in line with the country’s policies of promoting an efficient and diverse workforce population. This approach recognizes the fact that even the most sophisticated technological-based presumed solutions still require the input of human intelligence and creativity. Schemes such as the SkillsFuture program and other continuous education and training programs have been developed to prepare personnel for working conditions in the technology-driven economy. Exploring Singapore’s SkillsFuture initiative indirectly prepares the population to work with intelligent systems to increase overall productivity and job satisfaction (SkillsFuture Singapore, 2021).

Another strategic factor in the context of the Industry 5.0 ecosystem is resilience. The government has made significant investments in the nation’s digital systems, especially in the areas of industrial operations, in an effort to develop sustainable operations that can withstand breakdown. The Smart Nation initiative is a good example of this in this regard because it is aimed at creating a strong digital economy ignited by big data analytics, IoT, and AI. These technologies allow observing industrial processes in real-time and acting promptly to manage different issues, sparing much time and keeping the processes constant. For example, digital twins have been incorporated into the manufacturing process, making it possible to predict equipment failure and improve efficiency, enhancing operations’ robustness (Smart Nation and Digital Government Office, 2021).

It can be noted that sustainability is integrated into Singapore’s vision and management of the Industry 5.0 ecosystem as well. The forecast reflects the chosen goal, aligned with the national theme of growth for the economy while maintaining the environment’s purity. Introspecting the government’s Green Plan 2030, one can find some promising goals of emission reduction, energy efficiency, and sustainable material utilization. In this regard, Industry 5.0 technologies are essential to supporting sustainable industrial practices. For instance, new techniques like additive manufacturing and smart and precise farming are used in the least wasteful way possible, saving as many resources as possible. Combined with AI-based analytical tools and IoT, it also improves energy management and supply chain management and, in this way, also helps to decrease the negative influence of human activity on the environment (Ministry of Sustainability and the Environment, 2021).

Conclusion

The launch of the 5.0 Ecosystem Map by River Venture Studio is a tipping point for the progression of the global Industry 5.0 ecosystem, as it brings all of the stakeholders together, showcasing their commitment to human-centeredness, resilience, and sustainability. With this Ecosystem Map, a coalition of startups, incumbents, investors, and policymakers contributes to an innovation ecosystem necessary for Industry 5.0, emphasizing human-centricity through technologies such as collaborative robots and AI-driven platforms, focusing on resilient industrial systems with investments in digital twins and advanced analytics, and prioritizing sustainability through technology-enabled carbon capture and recycling automation. To accelerate the transition toward more inclusive, resilient, and environmentally sustainable industrial practices, we must ensure these practices are both scalable and universally implementable. With this initiative, the future of Industry 5.0 is not only bright but strategically positioned for the global industrial development that is upon us.

We have successfully brought together up-and-coming startups, investors, and ecosystem enablers in the industry5.0 space across the globe. This is a long list that continues to grow. River Venture Studio (River) is the world’s first and only #inclusive, #industry5.0 #deeptech #accelerator cum startup studio, backed by Enterprise Singapore. Founded by Dr. Viveka Kalidasan, PhD, River stands out as the only accelerator that emphasizes #openinnovation by connecting startups with corporations, SMEs, and businesses to conduct proof-of-concept projects aimed at generating organic revenue and facilitating global growth and expansion.

Thanks are extended to the visionary Founder-CEO, Dr. Viveka Kalidasan, PhD, for her invaluable support and unwavering guidance throughout this endeavor. Additionally, special thanks go to Vishnupriya Jayakrishnan for her dedicated effort in writing this article, ensuring that our story and mission are communicated effectively. Gratitude is also extended to Vishnupriya Jayakrishnan, Srinidhi Senthil Kumar, and Bhargabi Banerjee for their significant contributions to the development of the ecosystem map, which has been crucial to our progress.

References:

●????? European Commission. (2021). Industry 5.0. Retrieved from European Commission

●????? Pan, Y., Zhang, L., & Mak, H. (2020). Smart manufacturing in the context of Industry 5.0: Integration of human and machine. Journal of Intelligent Manufacturing, 31(5), 1031-1051.

●????? Rauch, E., Linder, C., Dallasega, P., & Matt, D. T. (2020). Industry 5.0: Towards a sustainable and human-centric paradigm. Procedia CIRP, 90, 103-108.

●????? Siemens. (2022). Digital twin technology in manufacturing. Retrieved from Siemens

●????? Universal Robots. (2022). Collaborative robots for industrial automation. Retrieved from Universal Robots

●????? Augmentir. (2022). AI-powered Connected Worker Platform. Retrieved from Augmentir

●????? Carbon Clean. (2022). Scalable Carbon Capture Solutions. Retrieved from Carbon Clean

●????? Everstream Analytics. (2021). Real-time Supply Chain Visibility and Risk Management. Retrieved from Everstream Analytics

●????? Fetch Robotics. (2022). Autonomous Mobile Robots for Intralogistics. Retrieved from Fetch Robotics

●????? Gartner. (2021). Digital Twins in Manufacturing. Retrieved from Gartner

●????? Startup Genome. (2021). Global Startup Ecosystem Report 2021. Retrieved from Startup Genome

●????? AMP Robotics. (2022). AI-powered Recycling Automation. Retrieved from AMP Robotics

●????? Bosch. (2021). AI and Human-Centric Manufacturing. Retrieved from Bosch

●????? GE. (2022). Digital Twin Technology in Industrial Operations. Retrieved from GE

●????? McKinsey & Company. (2021). The future of work after COVID-19. Retrieved from McKinsey

●????? Procter & Gamble. (2021). Enhancing Supply Chain Resilience through IoT. Retrieved from Procter & Gamble

●????? Schneider Electric. (2021). Sustainable Energy Solutions. Retrieved from Schneider Electric

●????? Siemens. (2022). Human-Centric Collaborative Robots. Retrieved from Siemens

●????? Unilever. (2021). Net-Zero Emissions Commitment. Retrieved from Unilever

●????? Toyota. (2022). The Toyota Production System and its integration of AI and robotics. Retrieved from Toyota

●????? Wu, D., Zhang, Y., & Liu, Y. (2021). Enhancing supply chain efficiency with AI and big data in Industry 5.0: Case Studies from China. IEEE Transactions on Industrial Informatics, 17(7), 4702-4712.

●????? Lee, J., & Lim, J. (2021). Advances in smart manufacturing: South Korea’s perspective on Industry 5.0. International Journal of Production Research, 59(18), 5589-5602.

●????? BlackRock. (2021). Sustainability as BlackRock’s New Standard for Investing. Retrieved from BlackRock

●????? Deloitte. (2021). The Future of Supply Chain Resilience. Retrieved from Deloitte

●????? SoftBank Vision Fund. (2021). Investing in the Future of Robotics. Retrieved from SoftBank Vision Fund

●????? World Economic Forum. (2022). The Next Frontier: Industry 5.0. Retrieved from World Economic Forum

●????? Advanced Remanufacturing and Technology Centre (ARTC). (2021). About ARTC. Retrieved from ARTC

●????? Ministry of Sustainability and the Environment. (2021). Singapore Green Plan 2030. Retrieved from MSE

●????? SkillsFuture Singapore. (2021). About SkillsFuture. Retrieved from SkillsFuture

●????? Smart Nation and Digital Government Office. (2021). Smart Nation Singapore. Retrieved from Smart Nation