The Internet of Things phenomena is reflected in the increase in the types of devices that can be joined to form computing ecosystems, the growth of the amount and variety of data collected and processed, and the power and reach of applications that can be created on these platforms. While these new applications provide potentially valuable new capabilities to individuals, organizations, and society, they also entail significant risks. This paper presents the VALUES framework to identify potential impacts that should be addressed when designing Internet of Things (IoT) applications. For each of the six areas, questions and issues that should be considered are discussed.