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The paper presents the essence of the Smart City concept and opportunities for the creation of competitive advantages arising in the framework generated by this concept. Various elements of a Smart City are analysed and related to different options for economic growth and business innovation improvement. Possibilities arising from networking and clustering in Creative Cities are listed along with some details of advantages provided by a symbiosis of information and communication technologies and creativity to companies operating in such environments. Managerial aspects of the Internet of Things are presented and identified as a basis for the Smart City outlook, but also as a major prospect to develop certain business opportunities leading to competitive advantages for companies operating out of smart cities.