Internet of Things is a disruptive innovation that will revolutionize the way information is accessed, shared and used. Implementing Internet of Things (IoT) will require a fundamental change in how products are designed, built and brought to market. Successful implementation of IoT will depend on understanding the impact of these changes. This paper discusses the various attributes and capabilities that a product needs to possess to be successful in the rapidly growing IoT market. It also talks about how a distributed architecture can be leveraged for successful IoT deployments.