The use of digital technologies such as Internet of Things is central in building new business models. With an increasing amount of real-time and historical data being available across ecosystems, new patterns and algorithms can be identified to create business models of tomorrow. However, existing business model frameworks do not incorporate digital technologies nor take into account how these technologies can be used to generate new business value. Thus, the research aim of this paper is therefore to use existing business model frameworks to build a new business model tool, suitable for designing and mapping Internet of Things business model innovations. Through a literature review and a case example the Business Model Tool for Internet of Things Business Model Innovations is presented and explored in theory and practice.