Soft Assets Consideration in Smart and Resilient City Development

For a smart city, soft or non-physical assets share an important capital component with many impacts in different contexts. They enable a city to deliver and mainstream a people-centered policy in addition to the benefits provided by traditional, hard infrastructure. Soft assets can involve social and human capital, knowledge, participation, and innovative approaches that drive value in the city. However, it is always a challenge for city policy makers to identify and strengthen these soft assets using a systemic approach due to their inherent characteristics. This paper argues that soft assets should be strategically integrated into the development process of smart and resilient cities. Therefore, exploring various approaches to prioritize soft asset consideration would provide helpful guidelines to city policy makers for municipal value creation, and identify where the greatest needs for soft or intangible assets lie. This paper examines how to identify and decide which soft assets should take priority in smart and resilient cities. The findings can assist policy makers in their consideration of an optimal mix and balance of soft assets required in the city to improve living structures for a people-centered approach.