Putting together infrastructure, sustainability, connectivity, mobility, energy and communication into one platform. This is the model one would find in Estonia and Singapore. A model that is a single integrated approach to developing a smart city. There is a big opportunity in Africa and one where the leap-frogging capacity is possible as the ingredients are there. But it is the implementation and financing that is always the Achilles heel of most governments. The policies, infrastructure, technology may be there, but it is the funding of Smart Cities that is a critical challenge.
Firstly Lamothe believes in leveraging the knowledge of the private sector. A government alone cannot achieve the development of Smart Cities. It has to be government led in terms of creating the correct policy framework and then leveraging private sector innovation.
Secondly, governments must consider innovative financing. The world today needs new sources of revenue. Emerging countries have minimal means to finance their development. Innovative Financing for Development can be applied to the telecoms industry, but also the financial services industry.
Thus, governments able to leverage millions of transactions, apply a micro-levy onto those transactions and bring in millions of additional dollars for development.