In this paper we describe our position about personalization as a paradigm shift that is going to affect life in many areas. For Internet of Things applications, personalization is a critical success factor, especially in detecting situations in real-time. We discuss the need for personalization, and compare the Internet of Things to the traditional Internet to draw conclusions on the gaps. We also discuss "The Event Model" as a direction towards such personalization. Finally we present multi-disciplinary research challenges for enabling personalization for Internet of Things applications. Copyright is held by the owner/author(s).