The rate of urbanization or the proportion of population that lives in cities in the world increases every year, a city should adopt the concept of smart city that may increase the quality of life. Indonesia is undergoing a historic change and is beginning to enter the urban economic stage. Cities in Indonesia are growing faster than cities in other Asian countries, hence it is interesting to implement smart economy concept in Indonesia. Smart Economy concerns an open, transparent, varied economy that adds value to smart cities. Its characteristics include a variety of employment opportunities with labor market flexibility, diversification that promotes entrepreneurship and innovation as well as more productivity through local, regional and global linkages. This characteristic of the smart economy embodies a high level of competitiveness worldwide and also at the local level. This research explores the variables and indicators used to measure the smart economy derived from the literature and also the opinion of 18 respondents from quadruple helix backgrounds namely, business player, government, expert/researcher and civil society. The study finds 10 variables and 34 indicators to measure whether a city has implemented the concept of smart economy from an Indonesian perspective.