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This paper presents the state-of-the-art novel and disruptive IoT business model practices, trends, and patterns in different industries studied under the EU-IoT project ecosystem. The patterns and best practices suggest an appropriate toolbox for stimulating a higher degree of innovation-driven thinking and exploitation. In addition, results from data collection, analysis, and architectural patterns, across 30 IoT use cases and surveys distributed over different domains, companies, and technologies, are presented. These results will act as guiding beacon and impact the future European IoT ecosystem. Beyond that, this will also exemplify best practices and technologies used to harness successful IoT solutions and relevant operation aspects in different domains. Essentially, this paper targets industry, innovators, IoT learners, and policy makers, offering inspiration and providing general guidelines on how novel technologies can be leveraged in the fast-changing landscape, thereby lowering the barriers for European stakeholders to adopt best practices that cover business-techno aspects for achieving success in the IoT area.