In order to overcome these Smart City barriers, Fraunhofer IAO is setting up a joint R&D consortium, whose purpose is to identify, research, design and test new models for sustainable financing, governing and management of Smart Cities. The research project is split into four main work packages and links together cities and private sector. The project will build on the existing knowledge, ongoing projects and market insights, which will be provided by Fraunhofer and LSE research as well as by the partners.
Purpose of this innovation field
The main purpose of the project is to:
- classify and categorize existing business models and innovative urban solutions
- identify relevant financial instruments and make them applicable
- analyze new governance and financing tools
- develop, test and deploy new smart city financing tools
Smart City Financing Vehicle – Concept
The proposed collaborative research project "Financing the Smart City" is based on four interlinked work packages, which are coordinated and handled by Fraunhofer IAO and LSE. Participating partners will use the results for their own services and offers in the future.
The project will consist of around ten cities and 5-10 financing institutions.
The project will consist of around ten cities and 5-10 financing institutions.
- Cities will receive individual assessments and expert support
- Exchange and learning will be facilitated by three transnational meetings per year. Guaranteed direct exchange with SCC1 projects.
- An online exchange platform will be provided to collaborate electronically and work together on project documents.