The Smart business Model Canvas: A Smart City Business Modeling Framework and Practical Tool

Cities are challenged with increasing population growth and need to implement smart solutions to become more resilient to economic, environmental, and social challenges posed by ongoing urbanization. This study reviewed business model development frameworks and developed a practical tool to help cities assess business models by adapting components of the Business Model Canvas (BMC) and adding new ones that operationalize the smart city dimensions. The Smart City BMC (SC-BMC) proposed provides a practical framework that supports developing and communicating a more holistic and integrated view of a smart city business model. It also supports creatively innovating toward more sustainable value creation. As a framework, the SC-BMC bridges sustainable value creation for business model development and smart city innovation.