This is a pretty ridiculous concept.
It would just encourage dodgy entrepeneuers to rapidly produce disruptive products without any care for safety or public benefit. Some things need to be thoroughly tested before releasing them into the public e.g. milk formulas, vaccines, cars otherwise they could kill masses of people before anyone has a chance to stop it.
And in fact a place already exists with lax regulations: China. And look what's happened there over the last few decades. So bad in fact that the public desperately looks to Western countries for food and health products.