Description
The vision of an Internet of Things (IoT), in which virtually all physical things become connected to the internet, promises enormous economic potential. The IoT might disrupt entire industries and it forces companies to rethink their current business activities. In light of these challenges, research on business model innovation (BMI) can offer promising insights. This research paper aims to contribute to the emerging BMI literature by identifying innovation barriers in an IoT context. 16 barriers are identified on the basis of ten expert interviews that were conducted with employees from five multinational companies. The contributions of our study might lay a fruitful ground for future research, e.g. in respect to prescriptive IoT BMI processes or quantitative investigations of IoT success.
Barriers to IoT Business Model Innovation
The vision of an Internet of Things (IoT), in which virtually all physical things become connected to the internet, promises enormous economic potential. The IoT might disrupt entire industries and it forces companies to rethink their current business activities. In light of these challenges, research on business model innovation (BMI) can offer promising insights. This research paper aims to contribute to the emerging BMI literature by identifying innovation barriers in an IoT context. 16 barriers are identified on the basis of ten expert interviews that were conducted with employees from five multinational companies. The contributions of our study might lay a fruitful ground for future research, e.g. in respect to prescriptive IoT BMI processes or quantitative investigations of IoT success.