New Idea Scheme (NIS)

Expand Test novel business ideas in a regulatory sandbox while maintaining public safety standards.

Submit proposal

Introduction

The New Idea Scheme (NIS) aims to help businesses to testbed novel ideas via a regulatory sandbox. By testing the new business model within a controlled environment, new solutions can be introduced into the market without compromising much on public safety.

Do I qualify for NIS?  

NIS supports proposals that encounter:

  • Regulatory obstacles: Existing regulatory frameworks do not clearly address your business concepts
  • Gaps in current sandboxes: Your business concepts do not fit into agencies’ existing sandboxes.

Checklist for NIS application

When applying for NIS, ensure your application includes:

  • Well-defined boundaries/parameters
    E.g., trial duration, target users, or testing location.

  • A clear monitoring & evaluation plan
    To assess concept performance and impact.

  • Safeguards to protect public interests
    To mitigate risks during testing.

  • An exit strategy or secondary plan
    To conclude or scale up promptly after the sandbox.

Benefits

Benefits of applying for NIS:

  • Co-develop a sandbox with regulatory agencies to tailor conditions for market launch.
  • Connect with relevant regulatory agencies to refine and validate your concept.
  • Gain real-time feedback during trials, enabling faster iteration and broader adoption.

Ready to lead the way?
Apply to the New Idea Scheme and co-develop your regulatory sandbox.
Submit proposal

New Idea Scheme (NIS)

Have any regulatory feedback?

Get in touch with SME PEO on business regulations and help us create a more pro-enterprise environment.

Submit feedback