By Nolan Miles
P3 Kentucky Staff Writer
It’s not enough to think in the present. It’s better to think with the future in mind. As countries around the globe look to creating “smart cities,” the practicality of public-private partnerships between government and the private technology sector is becoming more feasible.
A recent study conducted by Johnson Controls determined that the key drivers behind smart city creation is economic development, environmental protection and sustainability, as well as public safety.
Public-private partnerships are the primary source of funding for smart cities in North America, with the main barrier to launching smart cities being the identification of appropriate funding. Utilizing public-private partnerships to fund smart cities alleviates the financial burden on just one sector by sharing the financial burden between public agencies and private companies.
Smart cities are designed with improve LED lighting, city data platforms, city operational centers and fully integrated technology innovations to accommodate the needs of the future. To read more about the rise and needs of smart cities, click here.