To avoid being trapped by the innovator’s dilemma—and to move from always focusing on the urgency of today to considering the important things for tomorrow—we decided to look at our investment strategy across three growth horizons: first, grow today’s core businesses and technologies; second, incubate new ideas and products for the future; and third, invest in long-term breakthroughs. On horizon one, our customers and partners will continue to see quarter-by-quarter, year-by-year innovations in all of our businesses. On horizon two, we’re already investing in some exciting nearer-term platform shifts, such as new user interfaces with speech or digital ink, new applications with personal assistants and bots, and Internet of Things experiences for everything from factories to cars to home appliances. On horizon three, Microsoft is highly focused in areas that only a few years ago sounded distant, but today are frontiers of innovation—mixed reality, artificial intelligence, and quantum computing. Mixed reality will become an essential tool in medicine, education, and manufacturing. AI will help forecast crises like the Zika epidemic and help us focus our time and attention on things that matter most. Quantum computing will give us the computational power to cure cancer and effectively address global warming.