Smart cities are in theory brilliant. With ideas to reduce waste, improve sustainability and generally improve people’s lives through technology, much investment is going into smart city projects that are launching globally all the time. But these projects must also create a return otherwise despite bettering people’s lives, the projects will not be sustainable. We are going to delve into specific smart city projects and what makes them successful in terms of the city, and ROI.
Depends on the specific challenge, city, demographic and various other factors. What works to solve China’s transportation challenges may not gain the same result when applied to the same challenges in London. A project may offer a clear positive socio economic impact, but there may be no way to monetize it.
Short term nature of technology projects brings risk.
The project may be deploying the first technology of its kind, making it hard to get investment.