The Internet of Things and new business opportunities

Since the Internet of Things (IoT) is an emerging phenomenon, there is a lack of holistic understanding of what IoT is and what business opportunities it can offer for entrepreneurs and existing companies. This article has three main parts. First, it introduces IoT as a broad, socio-technical phenomenon. As a part of this goal, the article covers various elements within the technological, physical, and socioeconomic environments that comprise IoT. Second, this article proposes two approaches for creating new business models using IoT: a sustaining approach and a disruptive approach. The article concludes with a brief reflection on the extent to which the future of IoT can be predicted. This discussion brings up the limitations of the approach for creating new business models outlined in this article and provides guidelines on how this approach should be used. The ultimate goal of this article is to stimulate thinking, creativity, and entrepreneurship in relation to the IoT.