Smart City Selling? Business Models and Corporate Approaches on the Smart City Concept

Abstract

In the era of knowledge economy and rapid technological development related to ICT, open data and IoT, cities became living laboratories where new forms of urban operations are envisioned and introduced. In this regard, cities are markets offering numerous opportunities for the private sector to introduce smart products and services. So far, a considerable amount of literature has been published regarding the theoretical as well as technical aspect of smart city models. Still, there remains a research gap in terms of in–depth empirical studies related to the involvement of the private sector into creating frameworks for a smart city design and implementing business models in cooperation with the public sector. Based on two case studies – cities of Warsaw and Hamburg, the goal of this paper is to discuss the actual involvement of the private sector in establishing smart cities. Firstly, the relation between the smart city term and actions taken, as well as corresponding business models adapted by the private sector regarding this area are discussed. Secondly, empirical case studies’ analysis based on semi–structured interviews, secondary data and desktop research was conducted. The results presented may facilitate improvements in strategic urban management and business development.