To build a Global Knowledge Society, we must move beyond pursuing science and technology as a series of worthwhile but independent projects. More specifically, we need to better understand how the different types of research conducted interact with each other and how these interactions are best managed to benefit and protect our global knowledge society. This pursuit is critical for both the management of industrial and national science, research, and development to capture benefits and protect against risks that have been frequently overlooked in the past. In considering research from the perspective of a portfolio, we can capture the benefits of high-risk, high-return research; account for appropriate budgetary and resource weights for the spectrum of basic science to commercial endeavors; and account for the unexpected system dynamics, both societal and scientific, that may result from research that has not been considered from a portfolio perspective. Representatives of government and industry join with academics to identify the current needs, status, and requirements to move research away from the traditional project-by-project basis to a more holistic portfolio approach.