Basic research in computing has transformed our world. From the design of computers and networks to robotics, software, and algorithms, these fundamental advances -- coupled with a vibrant information technology (IT) industry -- have repeatedly led to entirely new product classes that have in turn become multi-billion-dollar industry sectors. For example, an investment by the National Science Foundation in the 1990s was the basis for Google, a company with a market capitalization of over $200 billion that has revolutionized how we access information. Looking ahead, there are enormous opportunities for still more game-changing breakthroughs. Advances in computing will be critical to achieving global priorities in all areas of society, including health care, energy and transportation, education and lifelong learning, and national and homeland security. They will also accelerate the pace of discovery in nearly all other fields, helping scientists and engineers understand the mechanisms underlying fundamental human diseases, elucidate the nature of combustion, and predict the size of the ozone hole. This session will illustrate the IT innovation ecosystem and its impacts on everyday lives through specific examples, notably how basic research in speech recognition and natural language processing has yielded tools, such as Apple's Siri and Google's voice search, and how advances in computational models and numerical methods have given rise to elements of the modern financial system.