Today, I’d like to add a very fundamental dimension for the Internet of Things besides technology – business models, and like to introduce you to Karolin Frankenberger, the head of the Competence Center Business Model Innovation at the University of St. Gallen. Karolin and her team developed what I often call the ‘Swiss army knife for business model innovation’: The St. Gallen Business Model Innovation Navigator, a tool supporting companies to strategically innovate. Her prediction for business models in the Internet of Things: Competition will no longer take place between products, but between business models. And, hybrid business models will emerge, the most important ones at the moment being (1) digitally reloaded products, (2) sensor as a service, and (3) digital add-ons.
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