Abstract
Cities are challenged with increasing population growth and need to implement smart solutions to become more resilient to economic, environmental, and social challenges posed by ongoing urbanization. This study reviewed business model development frameworks and developed a practical tool to help cities assess business models by adapting components of the Business Model Canvas (BMC) and adding new ones that operationalize the smart city dimensions. The Smart City BMC (SC-BMC) proposed provides a practical framework that supports developing and communicating a more holistic and integrated view of a smart city business model. It also supports creatively innovating toward more sustainable value creation. As a framework, the SC-BMC bridges sustainable value creation for business model development and smart city innovation.
Highlights
Today, 55% of the world’s population lives in urban areas, and this proportion is expected to increase to 68% by 2050
There are limited studies that provide satisfactory answers to the following question: What components should a smart city business model canvas cover to be applicable in different cities? To attempt to provide an answer to this question, to the extent that this is feasible in an integrated way, consolidating the various and most of the times complex and interreacting features of smart cities, this study considered the smart city value modeling
Conceptualizing the framework of a Smart City Business Model Canvas in a generic format to be applicable to the various smart city domains, i.e., energy efficiency in buildings and energy systems integration, mobility and transport, information and communication technologies (ICT), security, and health [11], this study provided a review on business model frameworks and conceptualized a framework to support practitioners in the transition process toward facilitating smart solutions replication and roll-out
Summary
55% of the world’s population lives in urban areas, and this proportion is expected to increase to 68% by 2050. The transition process to a smart city requires the reformulation of urban structures, strategies, policies, ecosystems, and technologies and calls for novel business models These should encompass the complexity of the urban system and continuously operate on its potential [6] in better addressing the social, economic, and environmental changes resulting from the population density increase. It provided an elaborated reviewed smart city trends and business model frameworks designed to encompass co-creation framework with components adapted to the BMC addressing the needs and trends for realizing smart aspects and network centric approaches It provided an elaborated framework with components city projects.
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