CONSTITUENT-LED SMART CITY:

• Example: Reykjavik. Reykjavik has developed more than 200 projects for the development of its city based on the ideas of its citizens.
• Insight 1: Constituents build web-based platforms to prioritize and develop ideas that can be later implemented with political backing. Such platforms are free of charge to use and are used to source ideas from the constituents and promote online, democratic debate.
• Insight 2: Constituents engage with government agencies and public officials in two-way conversations using mobile apps and popular social media channels. With digitized governments and open data, constituents provide public feedback and evaluate planning decisions to make continuous improvements on a wide range of issues in the system.

REAL ESTATE INVESTMENT SMART CITY:

• Example: Toronto. A former industrial area in Toronto is rebuilt by Google using data and by incorporating Internet of Things(IOT) into its infrastructure.
• Insight 1: Majority of private investment in smart cities has been in the transport and mobility sectors. This can be attributed to the absence of the innovations earlier and the recent growth in innovations such as driver-less cars, Ubers, and electric vehicles.
• Insight 2: The focus areas for smart cities to gain traction are public safety and sustainability. The owner-operators can gain better value in their assets by using technology and information to mitigate risk and improving the well-being of the residents.

PRIVATE SMART CITY:

• Example: New York. New York City replaced its obsolete payphones with smart kiosks that provide free WiFi, device charging options, video calls, etc. The contract was awarded by the New York City Department of Information Technology and Telecommunications (DOTT) to the City Bridge Consortium, a partnership that includes Titan, Control Group and Qualcomm with the city receiving 50 per cent of the gross advertising revenue from the City Bridge Consortium every year.
• Insight 1: 55% of the world's population are based in cities and up to 70% of the world's population could be city-based by 2050. With growing urbanization and population around the world, private and institutional investors will face significant political, macroeconomic, regulatory, and business challenges and technical risks in developing economies.
• Insight 2: As cities spend more on their smart city projects, for areas such as mobility, environment, economy, and governance, the investment level will increase and for areas such as public safety and talent, the investment level will decrease.

DO NOTHING SMART CITY:

• Example: Songdo. Although Songdo has all kinds of conveniences and smart systems, it has difficulty in attracting businesses and residents owing to a lack of human interaction.
• Insight 1: The networked devices, especially the critical systems of smart cities are vulnerable to cyber-attacks. With hackers looking for ways to cause serious damage, critical infrastructure of a smart city is prone to attacks.
• Insight 2: As smart cities are more of a technological trend rather than an economic and a political one, the idea is not popular among political leaders and does not garner the required support and engagement of the citizens.