Technology and cities have started to merge, creating the industry sector referred to as urban tech. In fact, $75 billion was invested in urban tech companies over the past three years, including the likes of WeWork and other coworking companies.
While smart cities are gaining a lot of buzz, there are not necessarily in high demand. By 2050, 70% of people will live an urban lifestyle and technology has yet to offer a solution to issues that these areas often see, such as heavy traffic, energy consumption and more.
Still, awareness of urban atech is high. According to Eyal Hoffman, managing partner at startup launchpad Highroad, the biggest challenge in urban tech is working with local governments. On average, it takes two years to approve a project, which is a much slower pace than startups are used to working at.
An example of a company that is at a mature stage of urban technology is Israel-based startup Venn City. It offers an app that is used to build neighborhood communities that helps residents find living solutions and supports local businesses.
