Smart City/Smart Utility Report: How “Value” Can Help Fund Smart City Efforts
Although governments and municipalities believe strongly in the smart city model, they continue to struggle to fund these efforts. According to survey data from the 2017 Strategic Directions: Smart City/Smart Utility Report, only 16 percent of municipalities can self-fund a smart city initiative.
However, at this point, the advantages of the smart city evolution are extensive, and municipal leaders need to embrace all viable opportunities to generate funding, even those that are non-traditional and “outside the box.”
Public-private partnerships (P3s) are gaining traction as three-quarters of municipalities and smart service providers responded that they believe financing initiatives through P3s will bring smart cities to life.