Although it is possible for the establishment of smarter cities through public-private partnerships, a truly smart city investment urges for the consideration of three key factors: characteristics of cities, capital requirements for various initiatives and decision-making process.
Decision makers in these initiatives are hence advised to follow an analytical sequence of situation, solution and sovereignty. It is also important to note that every city is unique, therefore it is fundamental to strategise and execute based on at least four combinations of wealth, growth and density:
- Dense cities in developed economies e.g. Tokyo
- Dense cities in emerging economies e.g. Mexico City
- Low-density cities in developed economies e.g. Houston, USA
- Low-density cities in emerging economies e.g. Jakarta
Further, it is essential to not only take into consideration what is needed by the capital, payment processes and the people benefiting from the technological dream of a smart city landscape; but also the issue of sovereignty as the technology project progresses.
The future is beginning and to effectively work together for the advancement of society and to attract smart city infrastructure investments, decision makers are required to adhere to a detailed situation-solution-sovereignty route.
Source: Harvard Business School
Participate in the upcoming QS in conversation – “University-Public Sector Partnerships: Smart Cities” which will be held from 3-5 October 2018 in Singapore.