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

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.