Demystifying Industrial Internet of Things start-ups - A multi-layer taxonomy

Described as a fundamental paradigm shift by researchers, the Industrial Internet of Things (IIoT) is credited with massive potential. In the context of emerging technologies, such as the IIoT, start-ups occupy a crucial role, as new technologies are often first commercialized by start-ups. Because of the rising importance of IIoT start-ups as drivers of industrial innovation, IIoT solutions demand deepened theoretical insights. As existing classification schemes in the industrial context do not sufficiently account for the ever more critical role of IIoT start-ups, we present a multi-layer taxonomy of IIoT start-up solutions. Building on state-of-the-art literature and a sample of 78 real-world IIoT start-up solutions, the taxonomy comprises ten dimensions and related characteristics structured along the three layers solution, data, and business model. The taxonomy contributes to the descriptive knowledge on the IIoT and enables researchers and practitioners to better understand IIoT start-up solutions.