In this paper, we present Industry 4.0 paradigm as a new business model that emerged from the GAFAM (Google- Apple- Facebook-Amazon-Microsoft) business model. As such, the main objectives of this new paradigm is internal and external customer empowerment and the creation of innovative collaborative applications. We discuss some applications that are ongoing research topics. We give two examples of industrial applications that are based on collaborative industrial-academic research partnership. We conclude by presenting some the opportunities, the challenges, recommendations and guidelines for industries and academia who are interested in implementing the Industry 4.0 paradigm.