In the current context, open innovation is going to drive a world-‐class smart city technology development whilst leveraging technology partnerships with corporations and innovation through universities. There are different business models that can help get funding as well. While keeping the focus on the domains below, give specific examples and come up with sustainable models for businesses encompassing open innovation powering the smart cities.
A smart city is an active city that makes living in an urban environment more civil, pleasing and satisfying. It is not only attractive to people who want to live there, but also to companies that want to do business there. In the vision of creating such a smart city, devices deployed in different parts of the city gather data to monitor and control everything from operating city lights to measuring water usage and pollution levels at a very granular level. This is all done in real time. This collected data from the sensors can be integrated with city verticals, like traffic flow, environment, parking, lighting etc. to draw meaningful relationships and get actionable insights via predictive analysis. These insights can help businesses and city planners to be more efficient and effective which eventually can translate to better quality of life and opening of various revenue streams. But then the question arises -‐ how can all this data be used for bringing out greater value for our cities? To a large extent the solution to this lies in one of the most talked about thing – IoT enabled smart communities. It makes cities better connected, integrated and able to analyze information cohesively for an increased efficiency.
This data has the potential to bring out immense value to the citizens, governments and enterprises. Imagine a use case where sensors in cars connected to transportation management systems that analyze day-‐to-‐day traffic flow data. In addition to providing drivers with better routes to their destinations, these systems could provide public safety and other city departments with what-‐if scenarios in case of events or accidents to improve response times. It is the aggregation of data available from thousands of devices connected to a foundation city network that delivers significant value. Today, urban planners can draw on a decade or more of data to understand how a city might grow.
Understand the stakeholders
a. Who is investing?
b. Who is consuming?
c. Who is being left out?
1. Understand the opportunities, challenges and market dynamics
a. Culture (Traditions vs Trends)
b. Motivations (Social vs Monetary)
2. Get Creative!
a. Re-think “how existing ecosystems should work – creation of new ecosystems and stakeholders”
b. Think “Social”, “Cloud”, “Mobile”, “Big Data Analytics”, “Sensors”, “3D printing”, etc
a. An end-to-end business model that satisfies the needs of all involved stakeholders
b. A Point-of-View on how a technology company can drive the change towards your new model