Michael Schrage is co-director of the MIT Media Labís E-Markets Initiative and a senior advisor to MITís Security Studies Program. 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 crosssubsidies are redefining executive investment criteria for supply chain and customer relationship initiatives. Schrage teaches and runs workshops on innovation economics and new product development at MIT executive education programs. He moderated MITís 2004 CIO Symposium and the Warren Buffett/Bill Gates conversation at Microsoftís CEO summit.

A columnist for CIO Magazine on IT implementation issues and diffusion of innovation management for MITís Technology Review magazine, Schrage serves on the editorial advisory board of the Sloan Management Review. He has contributed pieces to The Washington Post, Wired, Harvard Business Review, Across the Board, and Strategy+Business magazines. Shrage has been a Merrill Lynch Forum Innovation Fellow and executive director of the Merrill Lynch Innovation Grants Competition for doctoral students worldwide. His books include Serious Play: How the Worldís Best Companies Simulate to Innovate [Harvard Business School Press 2000] and 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.

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