A study was done of the views of senior research managers in industry on the roles of business and universities in innovation, techical change, and competitiveness. This effort stemmed from an earlier set of roundtable discussions on university-industry research alliances and sought to add a stronger component of industrial views to an ongoing discussion. The views summarized come from interviews with 17 senior research managers representing a range of fields of research as well as a variety of sizes and types of companies. The results of these interviews were summarized and reviewed by the interviewees as well as members of the roundtable meeting together. Central themes that emerged from the interviews included the following: most innovation occurs through incremental improvements to existing products or processes; industry is the primary source for innovation; the primary role of universities is in training and education; and industry needs to collaborate with universities, other companies, in-house research divisions, vendors, and federal laboratories to maximize knowledge transfer and to identify emerging new technologies. The views show that a difference of opinion exists between university and industry officials. Included in appendixes are a list of those interviewed and questions used in the interviews. (JB)