Regulatory sandbox proposed to help spur innovation
With Missouri seeking to become a hub for tech and innovation growth, lawmakers are considering legislation to help nurture nascent business ideas in the state.
The Regulatory Sandbox Act would allow the state to waive certain laws and regulations for a period of two years. Under the legislation, Businesses would request the waiver from a newly-created Regulatory Relief Office inside the state Department of Economic Development.
The concept would allow businesses to operate with a regulatory sandbox and have two years to establish a strong foundation before being subject to potentially cumbersome regulations and laws. Several states have established similar regulatory sandbox laws.
The Missouri Chamber of Commerce and Industry supports this legislation as a way to remove barriers of entry for businesses, especially for entrepreneurs and small businesses.
For more information, contact Kara Corches, vice president of governmental affairs, at email@example.com or 573-634-3511.