New York officials are launching an effort to help technology startups understand what regulations they'll need to follow — and to help regulators understand what rules might be getting in innovators' way.

State Attorney General Eric Schneiderman and New York City Corporation Counsel Zachary Carter announced the new initiative Friday. It also involves several local law schools with technology-related clinics.

Schneiderman said at a conference at Fordham University's School of Law that officials and entrepreneurs need to collaborate on "what rules are needed and what rules are outmoded" for sectors such as what's known as the "sharing economy."

But he says such companies can't simply think that government should scrap any regulations that impose limitations on their business.