With regards to many smart city programs worldwide, the time has come to move from the drawing board to the nuts and bolts of program implementation. A recent report by Deloitte suggests that of the total investment required for Smart Cities only 20% of the funding will be provided by the central and state governments while the bulk of the remaining funds (80%) has to come from the private sector. Given this scenario, will the private sector be able to rise to the occasion and see value in investing such staggering amount of funds? Alternatively, is there a possibility to reduce some of this investment without compromising outcomes?
This is the time to bring in innovation that cuts down cost drastically but at the same time, delivers results.
Here are nine instances of innovation in Smart Cities with minimal costs: