Authored by James Czerniawski, Tech and Innovation Policy Analyst
Individuals and companies are innovating at an ever increasing pace, and regulators are struggling to keep up with all the new goods and services that are being introduced; antiquated laws don’t always apply to new, dynamic businesses.
With the emergence of innovative companies that often involve new business models, some governments are rethinking how they should regulate these entities. Rather than trying to fit a square peg in a round hole, some agencies have turned to regulatory sandboxes in an effort to address the issue.
Regulatory sandboxes allow companies and agencies to work together in introducing new goods and services with the potential to improve market conditions for countless consumers.
Utahns would greatly benefit from regulatory sandboxes as companies try out new products and business models as they try to scale their goods and services in a dynamic marketplace.