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The Internet of Things (IoT) generates new business opportunities by connecting physical objects with a multitude of sensors. IoT research mainly focused on technology and business models are relatively unexplored, although developing IoT business models is important for successful IoT service. The existing literature on IoT business models are industry or context-dependent. The aim of this research is to develop a generic business model framework for IoT business through literature analysis and interviews. To test the proposed business model framework, we undertake case studies of current IoT companies. The findings suggest that capability for data analytics is an essential element for IoT service. Also, open ecosystems help companies provide new integrated service and offer greater value for consumers. This research acts as a starting point for designing or developing business models for IoT services.