Regulatory Entrepreneurship, Redefining Industries and Globalising Innovation Through VC
Podcast Ep. 29 with Dan Epstein
Dan Epstein has unique experience at the intersection of regulatory litigation, and venture capital, with reflections rooted in academia
Entrepreneurs can overcome regulatory bottlenecks by “re-defining an industry” - that means understanding the jurisdiction of an existing regulatory agency
News waves of technological progress need to overcome these obstacles, and it’s possible through “regulatory risk pricing” and internationalization
As a political economist and regulatory litigator, Dan is uniquely positioned to understand the politics, law, and economics of regulation and how it affects entrepreneurs at the forefront of technology.
Studying and practicing regulatory litigation on both the government side, and the entrepreneurs' side led Dan to surprising and important insights.
Insights that are essential for any entrepreneur.
You may not think of yourself as a regulatory entrepreneur yet, but maybe you are.
According to Dan, entrepreneurship is about redefining an industry. Uber or Lyft is not a taxi company but invented the ride-sharing business.
It's important for regulatory entrepreneurs to think about this because the existing industry is regulated not to fend off competitors and get a ticket to survival.
Dan and I develop some nuanced views about regulation and charter important territory for how to navigate the complex regulatory landscape.
While the U.S. regulatory state is sclerotic, we do see hope for sustained activism, "right to try" regulations, and sunset clauses, as well as using the playbooks that are increasingly being developed for regulatory entrepreneurs.
As VCs, we also see increasing international competition for jurisdiction, and entrepreneurs have the opportunity to choose.
There are challenges, but there are exciting opportunities on the horizon for regulatory entrepreneurs.