This paper aims to cover and summarize the field of IoT and related privacy concerns through the lens of privacy by design. With the ever-increasing incorporation of technology within our daily lives and an ever-growing active research into smart devices and technologies, privacy concerns are inevitable. We intend to briefly cover the broad topic of privacy in the IoT space, the inherent challenges and risks in such systems, and a few recent techniques that intend to resolve these issues on the subdomain level and a system scale level. We then proceed to approach this situation through design thinking and privacy-by-design, given that most of the prior efforts are based on resolving privacy concerns on technical grounds with system-level design. We participated in a co-design workshop for the privacy of a content creation platform and used those findings to deploy a survey-based mechanism to tackle some key concern areas for user groups and formulate design principles for privacy that promote transparent, user-centered, and awareness-provoking privacy design.