This scientific approach mainly aims to develop a smart city/smart community concept to objectively evaluate the progress of these organizational forms in relation to other classical/traditional forms of city organizations. The elaborated model allowed the construction of the dashboard of access actions in the smart city/smart community category on two levels of financial effort correlated with the effect on the sustainable development of smart cities. The validity of the proposed model and our approach was supported by the complex statistical analysis performed in this study. The research concluded that low-cost solutions are the most effective in supporting smart urban development. They should be followed by the other category of solutions, which implies more significant financial and managerial efforts as well as a higher rate of welfare growth for urban citizens. The main outcomes of this research include modelling solutions related to smart city development at a low-cost level and identifying the sensitivity elements that maximize the growth function. The implications of this research are to provide viable alternatives based on smart city development opportunities with medium and long-term effects on urban communities, economic sustainability, and translation into urban development rates. This study's results are useful for all administrations ready for change that want the rapid implementation of the measures with beneficial effects on the community or which, through a strategic vision, aim to connect to the European objectives of sustainable growth and social welfare for citizens. Practically, this study is a tool for defining and implementing smart public policies at the urban level.
Keywords: IoT; Smart city; Smart economy; Sustainability; Urban development.
© The Author(s) 2023.