TALLAHASSEE, FL — For entrepreneurs and innovators in Kentucky frustrated by government red tape, help is on the way. Today, a bill authored by Rep. Phillip Pratt (HB 264) was unanimously approved by the Small Business and Information Technology Committee, building momentum toward quick action by the full Kentucky House of Representatives.
Rep. Pratt’s bill would create a “Regulatory Sandbox” program in Kentucky law, under a brand-new Kentucky Office of Regulatory Relief. For a new business or start-up, the program gives a 12-month window to prove their concept or product before dealing with red tape and regulatory approval, allowing the idea time and space to grow before getting bogged down in bureaucracy. Pratt’s bill allows government regulators to work with—rather than against—entrepreneurs in Kentucky, helping to safely monitor and foster new ideas instead of standing in the way.
“Regulatory Sandbox” laws are already in place in Utah and Arizona, as well as targeted “sandboxes” for targeted industries in West Virginia and North Carolina.
“Kentucky has an opportunity to truly unleash innovation and job creation,” said Tarren Bragdon, Chief Executive Officer of Opportunity Solutions Project. “Rep. Pratt and the Kentucky House of Representatives should be applauded for finding creative ways to support the business side of the equation, and their idea deserves quick passage by the full Legislature. It’s time for the government to move at the speed of business, instead of the other way around.”
The Opportunity Solutions Project is a non-profit, non-partisan advocacy organization that specializes in health care, welfare, work reform, and election reform.