Purpose: Competency models are widespread in entrepreneurship and help develop educational offerings. Although existing models cater to specific sub-disciplines, the field of Industry 4.0 startups still needs a tailored competency. Therefore, this study aims to bridge this gap by developing a specific competency model to address the unique challenges in Industry 4.0 entrepreneurship. Design/methodology/approach: The research approach involved a content analysis and interview study in compiling and categorizing the necessary competencies to succeed in the Industry 4.0 domain. The developed model was subjected to different forms of validation using the Content Validity Index and inter-rater reliability incorporating expert feedback. Findings: The described multi-methodological approach resulted in the proposed "CompEntre 4.0" model, which contains 23 crucial competencies for Industry 4.0 startups. The results of this model validation demonstrate that it meets the necessary threshold values, establishing its reliability and potential for future use and further improvement. Practical implications: By providing a structured framework tailored to the specific demands of this domain, the competency model has the potential to guide and empower entrepreneurs, improving their prospects for success in the rapidly evolving landscape of Industry 4.0. Originality/value: While there are specific competency models for the entrepreneurship field and for specific sub-disciplines of entrepreneurship, there is, despite numerous specifics, no competency model for Industry 4.0 entrepreneurship yet.