Innovative Business Models for Smart Cities – A Systematic Research

Cities are the engines of growth for a nation. Smart technologies can help address the urban challenges and improve quality of life, economic opportunity, and liveability for citizens. Cities benefit from a transparent overview of best practice solutions to become smarter and from identifying best-suited solution providers. Companies that make cities smarter benefit from becoming more visible to cities around the globe with their newly developed or proven solutions. Innovative business models help accelerate the adoption of smart technologies. Various funding mechanisms have been used by cities to develop smart city projects. However, it has been revealed that the literature does not provide enough thoughts on these concepts. This paper provides an insight to the concept of innovative business models and the adoption of these in smart cities. Further the paper advances the understanding on the evolving business models and city procurement policies that could be used to accelerate smart city development. The paper seeks to address the question: What are the challenges faced by organisations and smart cities to develop a successful innovative business model? Cities have designed well defined strategies and are in the process of developing strategies for smart city. The paper address the challenges and functions of an innovative business model for development of smart cities.