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Case study of IoT as a driver for business model innovation in the wind industry

This paper presents a case study of the Internet of Things (IoT) as a business model innovation driver using the Lean Startup Methodology. The paper follows the journey of two IoT concepts from customer requirement, to the development and testing of a Minimum Viable Product (MVP) and an analysis of business models using a proposed framework to build MVP IoT services based on the St. Gallen Business Model Navigator. The conclusion is that companies that are considering IoT as means of enhancing their product or service offerings, can in a short period test their assumptions by building an MVP and use this to unlock new revenue streams and value offering to the customer. The case study has focused on the wind turbine industry, but the findings can be applied across other industries as well.