Creative Capital for Smart Solutions: Toward a Liveable City

Abstract

Creative capital of a city is a stock of knowledge, talent and experiences possessed by individuals and the population at large. It presents not only concentration of creative people in a city, but also their organised social interaction that generates innovations and economic value. The importance of creative capital for city wealth, development and competitiveness is well known and proven. However, the relationship between creative capital and 'smart features' of a city has not been thoroughly analysed or sufficiently used in practice. The smart city concept has a broad definition and understanding. It could refer to a city with high concentration of highly educated people, or to one which uses ICT for improving the efficiency of urban systems. In this paper the smart city concept will be considered in the context of sustainability and environmental protection, focusing on the development and implementation of ICT networks in key urban issues - environment, society and technology. Creative capital has a special role in 'smart' development, especially considering available human resources, innovative potential, transfer of knowledge, and spill-over effects. Therefore, the aim of this paper is to identify and analyse the role which creative capital has in the development of a smart city. Focusing on the case of Belgrade and its emerging creative district Savamala, the paper will also propose some guidelines for possible development and implementation of smart solutions which could stimulate creative capital and/or use it for further 'smart' upgrading of the city.