IT-driven innovation is an enormous factor in the worldwide economic leadership of the United States. It is larger than finance, construction, or transportation, and it employs nearly 6% of the US workforce. The top three companies, as measured by market capitalization, are IT companies - Apple, Google (now Alphabet), and Microsoft. Facebook, a relatively recent entry in the top 10 list by market capitalization has surpassed Walmart, the nation's largest retailer, and the largest employer in the world. The net income of just the top three exceeds $80 billion - roughly 100 times the total budget of the NSF CISE directorate which funds 87% of computing research. In short, the direct return on federal research investments in IT research has been enormously profitable to the nation.
The IT industry ecosystem is also evolving. The time from conception to market of successful products has been cut from years to months. Product life cycles are increasingly a year or less. This change has pressured companies to focus industrial R&D on a pipeline or portfolio of technologies that bring immediate, or almost immediate, value to the companies. To defeat the competition and stay ahead of the pack, a company must devote resources to realizing gains that are shorter term, and must remain agile to respond quickly to market changes driven by new technologies, new startups, evolving user experience expectations, and the continuous consumer demand for new and exciting products.
Amidst this landscape, the Computing Community Consortium convened a round-table of industry and academic participants to better understand the landscape of industry-academic interaction, and to discuss possible actions that might be taken to enhance those interactions. We close with some recommendations for actions that could expand the lively conversation we experienced at the round-table to a national scale.