CULTIVATING INNOVATION
Arizona’s supportive and pro-innovation environment supports companies’ ability to start, grow and thrive. Businesses throughout the state are enabled to develop industry-disrupting products and services.
Financial services are infused with technology, evolving from traditional market regulatory systems and transactions. To allow entrepreneurs to launch cutting-edge products without burdensome costs or regulations, Arizona was the first state in the nation to launch a FinTech Sandbox in 2018. While playing in the sandbox, startups can test their innovations on a limited, temporary scale, allowing for business growth. Arizona joins countries including the United Kingdom, Singapore, United Arab Emirates and Australia in encouraging fintech investment by instituting sandboxes.
Arizona established the first-in-the-nation PropTech Sandbox in April 2019, following the launch of the nation’s first FinTech Sandbox. The Sandbox gives visionary thinkers a platform to test unique, tech-based property services and products. With lower barriers to business entry, companies are provided with a controlled testing environment without excessive regulatory burdens. Participants can then have the opportunity to evolve their innovations.
“Arizona has always been a state for big ideas and this is just one more place where we are trailblazing in entrepreneurship and innovation.”
Arizona Attorney General
Mark Brnovich
“This legislation gets the government out of the way and sends a signal that Arizona will continue to take the lead in fostering innovation across all sectors, including the real estate industry.”
Arizona State Representative
Jeff Weninger
NEXT-GEN THINKING FOR NEXT-GEN SERVICE
New technologies and high-tech advances are at the heart of Arizona’s thriving business & financial services industry. Leaders such as Wells Fargo, JPMorgan Chase, State Farm and IBM as well as startups like Zelle, Sweetbridge and others help cement the state’s role as a leader.
Not only are Arizona’s insurance companies innovating with InsurTech and other platforms, but they are changing the way we think about auto insurance. In 2019, State Farm joined the Institute of Automated Mobility, a consortium of experts from the private industry, government and academia, to advance research in automated vehicle safety, science and policy. As the first insurance company to partner with IAM, the nation’s largest auto insurer brings years of research and multi-industry collaboration around automated vehicles.
Internet of Things solutions within the business & financial services industry drives innovation, reduces downtime, saves energy and inspires new, quicker solutions. In Arizona, private industry leaders and nationally recognized research universities are leveraging universal connectivity to make internet access faster and cheaper for business services.
Arizona companies and educational institutions, both established and startups, have pioneered the use of technology to expand access to education. They are giving students throughout the country the ability to acquire skills needed for business & financial services establishments in the 21st century. A critical mass of companies in the state is leading the way in making transformative and customized learning a reality.
Arizona is developing advanced circuitry that will make devices faster with less power, unleashing new applications and opportunities for business & financial services establishments. The convergence of information technology and advanced manufacturing will transform the way data centers, startups, fintech and the world’s largest companies do business.
Much of the groundbreaking work on renewable energy has already taken place in Arizona. From data centers to startups, innovations in renewable energy technologies that go beyond the familiar initiatives promise true energy independence for companies. Soon vehicles, businesses, homes, phones and countless other devices can be powered fossil-free 24/7. With more than 300 solar energy companies, Arizona is poised for additional market opportunities.