|The Internet of Things is a vision of the future stating that all things will become connected to the Internet. The Internet of Things is also a huge hype: according to Gartner, this hype is now at its peak of inflated expectations. Even if we go beyond the hype to a more fact-based view, the Internet of Things remains exciting.In the first part of this talk, I consider technology. I give an overview of the most important technical developments that can help the Internet of Things. Then I share some of our experiences at Philips in advancing one specific cool technology: high-reliability low-cost wireless communication.In the second part, I discuss the business models that dominate the embryonic Internet of Things now, and make predictions about what will happen in future. Some versions of the hype predict that Internet-native business models will eventually disrupt every sector of the ‘things’ economy. In practice, product-centric companies will have to change some of their ways of working. They will have to face new competitors, but they are not doomed from the start. The system architecture of the future Internet of Things will be interesting, but maybe not beautiful. It will be shaped by competitive forces, and by the fact that the general public remains unwilling to pay for anything purely digital.