Gov. Ducey signs bill at Arizona Tech Summit to advance state’s innovation

PHOENIX — Arizona Gov. Doug Ducey signed a bill at a technology conference on Wednesday that he says will advance innovation in the state.

HB 2673 creates a “property technology sandbox,” which allows businesses to test new products or services within the real estate industry, according to a press release.

Ducey signed the bill at the Arizona Tech Innovation Summit, which was expected to draw around 550 attendees and included speeches from billionaire entrepreneur Mark Cuban and U.S. Sen. Kyrsten Sinema of Arizona.

“PropTech is changing the way we rent, sell, buy, develop and manage property,” Ducey said in the release.

AZ's innovation leadership continues! Gov. @dougducey signs HB2673 creating Arizona's #PropTech Sandbox, offering real estate tech companies a new path to market. "If you're looking to lead the nation in innovation, Arizona is the place for you." @invisionAZ @AZChamber pic.twitter.com/w1ObB46QAm

— Arizona Commerce Authority (@azcommerce) March 20, 2019

“With this forward-thinking legislation, PropTech companies will have a place to develop and test their products — while benefiting and protecting consumers. With this bill, Arizona continues to send the message loud and clear that our state is the best place to develop cutting-edge technologies.”

According to the release, the bill reduces “costly barriers to entry,” allowing businesses more room to experiment.

“As a small business owner, I know what it takes to get a business off the ground — and more government isn’t the answer,” state Rep. Jeff Weninger, the bill’s sponsor, said in the release.

“This legislation gets 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.”

Ducey has signed similar legislation before — in 2018, he allowed for the creation of a “financial technology sandbox.”

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