IoT in Aerospace (IoTA) sector changed the way aerospace companies seeing the future products. As longer product life cycle in Aerospace & Defense industry, split-second decisions can mean a difference between success and failure. Aerospace majors are thinking differently to change the product innovation and development process by nurturing start-up culture and entrepreneurial mindset in their organization. This investigative research is aimed in developing a methodology to identify the Minimum Viable Product (MVP) using IoT for aerospace companies. House of Quality (HoQ) helped in identifying the positive and negative correlation between the IoT characteristics and its linkage with various aerospace systems. This exploratory research can be used by aerospace system suppliers to develop a MVP IoT product in aerospace systems.