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Rio wants foreign startups to play in its sandbox
In order to attract companies interested in testing technological solutions and innovations, the city of Rio de Janeiro launched the Sandbox.Rio program, which began operations earlier this year. And now, it is expanding the project to foreign startups.
What is it? A regulatory sandbox is a controlled environment where innovative businesses can test and develop new products, services, or business models under relaxed regulatory conditions, allowing for experimentation while maintaining consumer protection.
- The companies can conduct tests in predetermined locations for 12 months, with the possibility of an extension. Throughout the testing phase, municipal departments involved in each project collect data, which can be used as a basis for regulatory adjustments.
Why it matters. The project’s goal, as stated by Chicão Bulhões, Rio’s secretary for economic development and innovation, is to gain a better understanding of how these innovations...