A Business Model Type for the Internet of Things

The increasing pervasiveness of digital technologies, often referred to as the "Internet of Things" (IoT), offers a wealth of new services and business model opportunities across an ecosystem of partners and so it forces companies to rethink their current business models. To date, literature does yet not provide actionable, field-tested model theories for capturing, visualizing and analyzing firms' business models in digitally intensive business environments. The present paper (research in progress) therefore addresses the need for a business model type for the Internet of Things, which recognizes the affordances and impacts of digitization in order to allow companies to truly tap into new business model opportunities. We describe the design and evaluation of a type model, which enables researchers and practitioners alike to capture, visualize and analyze firms' current and future business models in IoT in a structured and actionable way. For our study we elected an iterative design science research approach, which prioritizes the utility of prototype artifacts. We feel confident of reaching at an empirically tested business model type, drawn from both Strategic Management and Information Systems research.