Internet of Things (IoT) is a phenomenon involving connecting things or objects with sensors. The IoT market is growing rapidly, and there are strong incentives for companies to follow the trend of IoT growth and development. However, the percentage of IoT measures that are considered successful seems low. The complexity of carrying out an IoT project lies in the need to adjust all the pieces of the puzzle: assets, sensors, communications, technology, coverage, and geographical locations with precision of the measures and regulations. All these requirements determine the economic viability of the business and its benefit. This study, therefore, examines how the project methodology can support the development of the concept and ensure the business value of IoT initiatives. The project methodology developed in this study is called PoC Design. A case study was evaluated, in which defects in street lighting were investigated and carried out. The evaluation of the methodology highlighted the importance of defining problems and solutions based on business value, calculating the potential of an IoT initiative, determining the continuation of the project, involving stakeholders at an early stage, and creating a PoC to validate the concept with stakeholders.