Investment in both basic and applied research has transformed many innovations in the 20th century. For instance, the semiconductor and telecommunication revolution has roots in basic discovery (beauty), which transformed the way we “process” our daily lives, and drove a remarkable economic growth worldwide (benefit). These breakthroughs grew out of the convergence between discoveries in the physical sciences and engineering. New (perhaps grander) opportunities are emerging at the convergence of the physical sciences and engineering with the life sciences. This convergence has been reported in various reports, noted editorials, and federally funded programs. The convergence of these disparate fields can spawn new discoveries and applications in areas well beyond biomedicine. However, to successfully nurture and accelerate these next innovations, incorporation of multiple perspective from different disciplines, promotion of innovative approaches in the education of students and young investigators, as well as changing evaluation and funding opportunities in transdisciplinary team science will all be needed. This symposium will highlight some of the emerging opportunities to address major questions and barriers in biomedical research and challenges facing the convergence of these fields to drive a new innovation economy.