This year, the Virginia Institute has successfully introduced an innovative policy called Regulatory Sandboxes to the public policy and legislative community in Virginia. A Regulatory Sandbox creates a space and time for innovators to offer new goods and services to consumers without the initial burden of some regulations. Sandboxes provide opportunities for new and old businesses to test fresh ideas in the market while simultaneously providing a constant stream of pilot programs and data for regulators to determine what regulations work with the least possible burden on the community.
