In the two-plus years since the first TR100, the "state of innovation" has undergone a radical transformation. Long gone is the dot-com phenomenon-whatever that was-as is the irrational exuberance over telecom and e-commerce. Biologists have completed a draft of the human genome, offering a starting point for an entirely new way of practicing medicine. Nanotechnology has progressed faster than even its most rash advocates imagined, promising everything from ultrafast computers to cheap and quick diagnostics. And information technology continues to permeate almost everything we do-be it through biometric safeguards for "homeland security," tiny sensors for monitoring roadways, or the networked home.

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