Innovation falters when regulation doesn't lead tech but follows it

The last few decades of human civilisation have been the most significant in terms of technological progress. The rapid advances of sciences is resulting in a snow-balling effect on innovation across disciplines. The advent of new technologies — gene-editing, artificial intelligence, block-chain, to name just a few — are revolutionising human-technology interaction. Further, innovative business models centred around the sharing economy (for instance, ride-hailing services, short-term apartment-renting etc.) are on course to make established business models redundant.
 
In the backdrop of the shifts across industries, a recurring question before regulators is, how should they respond to innovation? The answer