This paper introduces a discussion and a conceptual model on value creation considering the concept of the Internet of Things. It is proposed that value creation occurs in different layers that take advantage of the development of the Internet of Things. The three parts are based on manufacturing, supporting and co-creative behavior of things. These parts of value creation are not mutually exclusive and value creation can, and should, coexist in all these layers. Hence, for different phases in the development, firms and situations, the layers fit differently into a value creation process.