Internet of Things (IoT) encompasses a wide range of devices and technologies which cumulatively shape a new environment with unprecedented business prospects. This paper aims to investigate the business potential of IoT, focusing on mobile IoT and IoT as a service. In this direction, it presents the case of RAWFIE, a H2020 project on a research and experimentation federated platform of mobile IoT testbeds and devices. The paper describes RAWFIE potential business models, analyzing them into their characteristics, based on the business model canvas, examining the possibilities as well as the challenges these entail, using a SWOT analysis, and testing them in a preliminary evaluation. The study offers research and practical insights as a starting point for business models of IoT as a service, focusing in the context of mobile IoT experimentation.