The Internet of Things and the case of Bosch: Changing business models while staying true to yourself

The Internet of Things (IoT) has disrupted many existing industries and provided new business opportunities to new and incumbent firms. In this paper, we focus on how companies change the way they work and organize themselves in light of IoT. Based on a single case study of Bosch, one of the largest incumbent German engineering firms, we shed light on how a product-centric company that focused on manufacturing for more than a century, adapts its business model to transform into an IoT company. We outline the changes that occur in terms of the company's (1) value proposition, (2) value creation, and (3) value capture. Our findings show how some of the imprinted company values play a crucial role in this transformation. Through a mechanism we call imprint anchoring, we find that these core company values serve as a leverage for Bosch to transform into an IoT provider.