The Internet of Things (IoT) has promised a future where everything gets connected. Unfortunately, building a single global ecosystem of Things that communicate with each other seamlessly is virtually impossible today. The reason is that the IoT is essentially a collection of isolated "Intranets of Things", also referred to as "vertical silos", which cannot easily and efficiently interact with each other. Smart cities are perhaps the most striking examples of this problem since they comprise a wide range of stakeholders and service providers who must work together, including urban planners, financial organisations, public and private service providers, telecommunication providers, industries, citizens, and so forth. Within this context, the contribution of this paper is threefold: (i) discuss business and technological implications as well as challenges of creating successful open innovation ecosystems, (ii) present the technological building blocks underlying an IoT ecosystem developed in the framework of the EU Horizon 2020 programme, (iii) present a smart city pilot (Heat Wave Mitigation in Métropole de Lyon) for which the proposed ecosystem significantly contributes to improving interoperability between a number of system components, and reducing regulatory barriers for joint service co-creation practices.
Keywords: API economy; Internet of Things; business ecosystem; communication standards; interoperability; open innovation; semantic web; smart city.