The technical innovation have been recognized as an important way to solve accumulated problems in modern society. However, the new industries which intend to create new market based on their new technologies confront to various problems related to the regulatory lag. To mitigate such conflicts, the government has tried to reform regulations. The regulatory sandbox also aims at solving the regulatory lag and activating the new industries. This research analysed how the regulatory sandbox mitigates the impact that technical innovation has on company’s performances. As a result, the input of technical innovation contribute to the financial outputs of firms, when the output of technical innovation didn’t. The financial performances of firms increased when firms participated in the regulatory sandboxes. Analysing the mitigating effect of regulatory sandbox, when the regulation reformed through the “active interpretation”, the financial performances increased as the outputs of technical innovation increased, whereas they decreased when the inputs of the technical innovation incresaed. Also when we analyzed the model with small companies, the result of interaction between inputs of technical innovation and regulatory reform after the “regulatory exemption” turns out to be positive(+). Based on the results above, we tried to add the role of regulatory reform on the relationship between innovation and performance, and suggested the implication of Korean regulatory sandbox.