Michael Schrage is a a senior adviser to MIT¹s Security Studies Program. Michael Schrage advises organizations on the economics of innovation through rapid experimentation, simulation and digital design.

His research and advisory work explores the role of models, prototypes and simulations as collaborative media for managing innovation and risk. His ongoing work on strategic and "just-in-time" experimentation is at the core of several corporate transformation efforts. His insights into the economics of "hyperinnovation," "'iterative capital" and "innovation cross-subsidies" are redefining executive investment criteria for supply chain and customer relationship initiatives.

A former director of Ticketmaster, he advises its parent InteractiveCorp., a leading provider of online transaction services worldwide. He¹s been an advisor/consultant to such organizations as Accenture, Johnson & Johnson, MasterCard, Cisco, REI, Microsoft, British Telecom, BP, Mars, Fujitsu and the Global Business Network. Schrage has presented invited papers on innovation economics for the Chemical Sciences Board of the National Research Council. He performs non-classified work for the National Security Council, DARPA and the Pentagon¹s Office of Net Assessment on command, control and cyber-conflict management issues.

He teaches and runs workshops on "innovation economics" and new product development at MIT executive education programs and frequently moderates panels and programs on these themes. He was a moderator for MIT's 2004 CIO Symposium and served as interviewer/ moderator for the Warren Buffett/Bill Gates conversation at Microsoft¹s CEO summit, as well.

A columnist for CIO Magazine on IT implementation issues and "diffusion of innovation" management for MIT¹s Technology Review magazine, he serves on the editorial advisory board of the Sloan Management Review. He contributes op-ed pieces on national security and public policy to The Washington Post, Wired and other publications. He's also written for the Harvard Business Review, Wired, Across the Board and Strategy+Business magazines.

Previously, he¹s been a Merrill Lynch Forum Innovation Fellow and executive director of the Merrill Lynch Innovation Grants Competition for doctoral students worldwide. His latest book - "Serious Play: How the World's Best Companies Simulate to Innovate" was published by the Harvard Business School Press in 2000. The book has been translated into over seven languages.

He earlier wrote "Shared Minds: The New Technologies of Collaboration" [Random House 1990] ­ the first book to explore the intersection of media and methodologies for managing creative collaboration. Both books have been adopted as business school and undergraduate texts.

Michael Schrage can be reached at E-mail: schrage@media

(addresses are formatted username@media.mit.edu)

February 9, 2005