The Fourth Industrial Revolution (I4.0) is dramatically affecting firms’ strategies, transforming their business models. In particular, a bunch of technologies like IoT (Internet of Things), cloud platforms, big data, and data analysis are offering firms the possibility to manage products functions, remotely and globally, kickstarting the design of innovative business models. The aim of this article is to investigate how incumbent manufacturing SMEs can manage the evolution of a new business model enabled by IoT in parallel with its extant business model, with particular attention to the main resources and capabilities required, as well as the main difficulties encountered.