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This study investigates the factors that drive an innovation network formation comprising companies, government, and society, and the ways these actors contribute and collaborate within a network to develop technologies that have a social impact. A conceptual framework has been developed by combining literature-based arguments and insights from two cases of smart city innovation. This study demonstrates that the innovation network is driven by the activities of searching, acting, and convincing actors of an opportunity to develop smart city solutions. The findings also show that innovation networks emerge not solely from a business goal, but also from a social goal and can still generate business opportunities for companies. Therefore, innovation for smart cities specifically requires a new form of configuration (public–private and citizens’ participation), drivers (economic and social), and resources (technological and non-technological) in both its development and implementation. The analysis of the different configurations suggests more/less effective innovation.