•      Seoul – 100 km²
  
•      Busan – 200 km²
  

•  Seoul Smart City project – Gangnam Blockchain city (population of 2 million)
  
• Busan Smart City project – Renewable Energy & Mobility City (population of 3 million)
  

• Local government
  
• Regional government
  
• National government
  
• International organization
  
• Private company
  
• Startup
  
• Research Institutes/Universities
  
• Community/Citizen group
  
• Public utility
  

01/07/2018

30/06/2019

•      Public sectors: Establish the national/regional budget to support the high-potential tech startups that are able to participate in building up Smart City project.
  
•      Private sector: Play a significant role in designing Smart City project, nurturing startups and investment (From seed ~ high-growth investment)
  

•       $1 Billion - Infrastructure from public sector,
  
•       $100 Million - High-growth investment from private sector
  

•   Municipality: Big changes of the city with urban regeneration, creating global jobs based on 4th industrial revolution, Increase the number of foreign companies and young residents, more tax collection from the emerging businesses
  
•      Government: Achieve KPI by spending the national budget on unicorn startups
  
•       Private sectors: Promising ROI on high-growth investment
  

Smart City project should be led by the municipality in the first place. However, due to the limited expertise in innovation and technology, it’s not easy for the city government to establish the efficient smart city design. In this regards, the close collaboration between the city and private sector is absolutely necessary.