Michael Schrage is a fellow with the Massachusetts Institute of Technology (MIT) Sloan School's Center for Digital Business and senior adviser to MIT’s Security Studies Program. He previously held the position of Co-Director of the Media Lab E-Markets Initiative at MIT. Mr. 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 risk. His ongoing work on strategic and "just-in-time" experimentation is at the core of several corporate transformation efforts. He has been an advisor/consultant to such organizations as Accenture, Google, Siemens, Wells Fargo, Microsoft, PwC, British Telecom, BP, Mars, and NASDAQ. Mr. 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 Pentagon’s Office of Net Assessment on command, control and cyber-conflict management issues. He also helped set up the MIT/CSIS workshops on the design, acquisition and procurement of complex systems.