Cities are the key drivers for modern economy. According to Brookings Institution, the top one hundred urban agglomerations produce roughly 16 percent of the global GDP, while housing only 4 percent of the world’s population. Today, cities face a number of global challenges brought about by modern technological, social and cultural trends. The traditional economy is undergoing rapid transformation, as new business models transform entire economic sectors almost overnight. These challenges call for a prompt and efficient response from large cities, which are entering a new phase in the competition for the best talent, investment and other resources.