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IoT initiatives look promising and straightforward, but they are far more complicated to enact as it stands today. Although developing digitised artefacts offers a rich new set of value creation and growth opportunities to organisations, to grab these opportunities encompass a wide variety of strategic risks. In this context, in academia, little attention has been focused on NPD processes, development risks and value creation in IoT. Thus, this paper offers a discussion on what development risks are found, what is new approach to NPD process, and how value for IoT is created comparing its counterpart in traditional manufacturing economy. To achieve this aim, a literature review was undertaken to examine existing value creation and NPD models, which are continuously evolving but not much improved in their application to developing digitalised artefacts. Through a case study, the risks, opportunities and activities for IoT development are further elaborated and critically discussed. Finally, along with a discussion of the strategic development challenges and opportunities, a continuous process of a new NPD model for IoT products and services is proposed.

Value creation for IoT: challenges and opportunities within the design and development process