Head of Panasonic smart city experiment says 5G will spur public-private partnerships

5G technology will spur new public-private partnerships to solve problems that cities cannot afford to tackle themselves, the head of Panasonic's smart city experiment in Denver said in Hill.TV's premiere episode of "Boundless." 

"Public-private partnerships are essential, from our perspective, for successful smart city initiatives," George Karayannis said in the episode, which aired Wednesday. 

"The cities need more resources than they have. Their infrastructure needs are much greater than their budget, and private enterprises are honestly looking for marketing enterprises to grow," he continued. "However, an effective public-private partnership means that you're really committed to the collective good, not your own private gain." 

"Private enterprises need to look at this as not as a profit maximization exercise, but how can they establish longterm relationships that are sufficiently profitable, yet doing good in the city. Cities need to look at these relationships not as a lowest first cost typical procurement," he said. 

"That's really how we can implement once we get the stakeholders in line, then the public-private partnerships unlock that economic potential, which then lead to really impactful projects," he said. 

"Boundless" is a multi-part Hill.TV documentary series focused on technological advancements. 

— Julia Manchester