A business model describes the value offered by the company. Business models have a significant impact on the success of the business. Smart and connected products, which connect the physical objects by using sensors and communication technology, change the nature of traditional businesses and business models. The value propositions, revenue streams, and technologies offered with these smart and connected products are different from the traditional business models. In this chapter, we define the key features of smart and connected product business models and reveal the successful real life cases with this framework.