INTERNET OF THINGS BUSINESS MODELS

Almost all businesses are aware of the potential gains that the Internet of Things (IoT) has to offer, but are unsure of how to approach it. This article proposes a business model that builds on Turber 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 was then validated through the case studies of some successful players of Hong Kong.