Era of Internet of Things needs new business models

Internet of Things (IoT) means that businesses make use of electronic information exchange and interaction increasingly. IoT makes business modelling more challenging but also more valuable. However, majority of current business models do not take account the interconnected nature of firms that evolve in the same innovation ecosystem. New business models suitable for future needs were detected by the researchers of the University of Oulu.

According to professor Petri Ahokangas, the role of the external environment in value creation has been neglected. He emphasizes a new approach, which he calls the “oblique business model”. It is a model that within co-evolving IoT business ecosystems builds on the value sharing.

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