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New business models for smart cities

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Damian Wagner, Project Manager Smart Cities, Fraunhofer-Institut

How real are Smart Cities today, and role does IoT play in making cities “smarter”? IoT is leading to the creation of a new value chain and business models for cities, as cities look to new ways of generating income. One of these is to become a reseller of its data – collecting data and selling this to companies who have the expertise to use and understand this information. But first, cities need to understand their role – are they purely data providers or coalition managers for the new ecosystems? For example, Stavanger in Norway is home to an energy utility company that has now made more money from data services than from selling electricity, illustrating how traditional business models are evolving.

Filmed at Smart IoT London, 12 April 2016

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