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This paper problematizes and discuss a change towards new business models in order to highlight some basic challenges of digital transformation needed for Industry 4.0. A particular effort is to discuss if SMEs may have sufficient means to capitalize on such a new paradigm. As an approach to enable problematization and discussion, the paper presents concepts and standpoints that are related to the fourth industrial revolution. For example, the idea of new business models is a concept taken for granted, and is not sufficiently contextualized into digital transformation and Industry 4.0. The discussion sheds some light on the benefit of SMEs’ flexibility, while simultaneously it finds mindsets challenges related to change and transformation as critical.