Within both scientific literature and practice, there is limited understanding about the evaluation aspect of business model innovation (BMI), especially in the context of digitalization and the Internet of Things (IoT). The aim of our research project is to contribute by validating whether methodologies from strat-egy, such as scenario planning, are appropriate means for evaluating business models in this explicit context. Following a Design Science Research (DSR) approach, we develop an approach to implement scenario planning into a BMI process respective of the features. In cooperation with business innovation employees of a well-known corporation in the technology sector, we apply the methodology to real-world innovation projects, empirically validate its viability, and determine how and to what extent it can be used. As a further result, we aim to scientifically expound its effects on creating competitive strategic advantages in the context of digitalization and the IoT.