Smart City as an Ecosystem to Foster Entrepreneurship and Well-Being: Current State and Future Directions

Entrepreneurial endeavors are essential for stimulating economic growth and rendering them is a primary concern for policymakers. In recent years, smart city ecosystems have garnered attention for enhancing urban living and tackling contemporary difficulties. The contribution of smart cities in promoting entrepreneurship and improving well-being has received little attention. This study aims at examining the potential of smart city as an ecosystem to promote entrepreneurship and enhance well-being and quality of life (QoL). This study uses a Fuzzy evaluation model and the Analytic Hierarchy Process (AHP) to evaluate essential determinants of smart cities and their significance. Data from sources such as the Smart City Index, Ease of Doing Business Ranking, Global Innovation Index, Sustainable Development Report, and Technological Readiness Ranking are utilized with normalization, guaranteeing a dependable evaluation. The findings underscore the significance of open data efforts and transparent governance in recruiting innovative enterprises and promoting entrepreneurship. The study highlights the necessity of cooperative urban planning and public participation in decision-making. Moreover, the authors propose a new definition of smart cities from citizens’ well-being perspective. This research enhances the comprehension of smart cities’ influence on entrepreneurial endeavors, pinpointing problems and prospects for future investigations focused on improving well-being through smart city advancement.