Development of a financial and engineering business model for a product life cycle

A product life cycle is an important tool for designers and engineers. Next-generation smart products are complex systems that make current development processes in industries inadequate. In this paper, we substantiate an innovation financial and engineering concept based on a product life cycle for the upcoming Industry 4.0. We describe the fundamental principles for this innovative model as well as challenges to be possibly faced during its implementation. The proposed concept will undergo further development and detailization.