Developing a Business Model in Smart City Initiatives

This study explores how smart city initiatives, network societies, and the Internet of things applications impact and re-shape human life, organizational performance, and societal culture. It examines various approaches in man-machine interactions and integrations from an individual to societal level. The primary research question focuses on how new business models are created in a networked environment. The paper analyzes the process of diffusion, impact on human systems, and opportunities as well as the challenges. Based on network theories and a sociotechnical perspective, the study develops a theoretical framework that could demonstrate how we deploy resources, what we could expect in the future, and what such advances mean to individuals and organizations. The study tries to integrate different technology-based approaches and put them in a theoretical model to portray a picture of their practical implications, as well as research propositions that investigate the business models in smart cities.