What is right?
Love them or hate them, they are there. Proponents could say that the existence of regulations are ethical and keep us all safe. That without them, chaos would ensue. Opponents can make the case that regulations are there to smother innovation. In this world we live in, a sane mind can see that we are playing a delicate game between unchecked innovation and ethical limits. Which of these is right?
Innovation
When we think of the world through an entrepreneurial lens, we see that value creation through innovation is the driving force. Entrepreneurs are the ones who make better products and overall increase the quality of life for those on the earth. They would not be able to do this if they were constrained and not allowed to think new ideas. If that were the case, everyone would be twiddling their thumbs and worldly progress would not be made. However, it is hard to argue that every new idea is a good idea. Entrepreneurs fail all the time. Many times this is because their ideas are not valued by consumers, so one takes enough interest in their idea before the costs of existence force them to take another route. However, there exists another reason why some entrepreneurs fail. Regulation.
Regulation
Simply put, a regulation is a rule put in place by someone who has the power to enforce that rule. There are regulations everywhere we look. Some are widely considered to be good, and others not. But what makes a good regulation? Is a good regulation one that saves lives or human suffering? If that were the case, then humankind would not be permitted to do anything that could eventually be dangerous. We would not be permitted to drive, because the risk of crashing is too high. We could not drink alcohol, because too much could be fatal. Clearly, regulation does not force us to those extremes. Instead, it finds a generally acceptable level at which these things are permitted. A good example of this: Speed Limits. Most individuals would not argue that speed limits are bad. It only takes one case of a driver perishing after going well above reasonably acceptable speeds to make a strong case for the use of a speed limit. But what happens when regulations reach further than just our physical actions and choices? What happens when they start to regulate ideas?
The Modern Issue
That question of regulating ideas is the main idea brought up in the 2019 film "They Say It Can't Be Done." The concept of regulation in this movie is looked at through the lens of stifling entrepreneurs in the food, medical, and environmental areas. In each of these subsections, examples are made of huge breakthrough technologies that would change the way this planet works. The common thread is that regulation is killing their vision. The basic idea behind entrepreneurship is to try and create a new thing that offers huge amounts of value to consumers. Society in general loves this because it means they get valuable things. A society that wants valuable things means that more people will attempt to create those valuable things, creating a happy little system in which innovation is always happening and benefiting the world.
So why were the entrepreneurs in these specific fields not allowed to create value? How come lab grown meat, or 3D printed organs aren't being allowed to overrun the market with the value they have to offer? Regulation and the unknown. Someone, somewhere along the line decided that these things were not to be allowed. It could be that they are thought to be dangerous. Or it could be that someone wants to pretend to be Gandalf on a bridge with his immortalized shout, "You shall not pass!" In these situations, the fear of the unknown leads to an extreme effort on the entrepreneur to prove that their idea is safe. This effort can take years and years, leading to the same outcome. A fizzle. A good idea that could have been, if the regulation was not in place.
The Solution
Is there a solution? I think so. We must allow entrepreneurs to do their job, and do ours as a society by finding the untapped value in the world. When the potential for harm becomes great, we step in. But not until then. Until then, let us allow great strides to be made, and the entrepreneur to thrive.
