Internet of Things Business Models

Almost all businesses are aware of the potential gains that the Internet of Things (IoT) has to offer, they are unsure of how to approach it. This article proposes a business model that builds on Holler et al., (2014) [1]. The model consists of three dimensions: “Who, Where, and Why”. “Who” describes collaborating partners, which builds the “Value Network”. “Where” describes sources of value co-creation rooted in the layer model of digitized objects, and “Why” describes how partners benefit from collaborating within the value network. With the intention of addressing “How”, the proposed framework has integrated the IoT strategy category, tactics, and value chain elements. The framework is then validated through the case studies of some successful players who are either the Awardees of the IoT Award 2014 or the ICT Award 2015 of Hong Kong.