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What are the symptoms of health in an innovative industry? This seemingly simple question isn't so easy to answer in the midst of a downturn, nor will it be easy to answer over the next year as high tech consolidates through exit and merger. Consolidation will lead to concentration, or what we might call pockets of monopoly. Monopolies tend not to be the most innovative organizations on the planet. Economics teaches us to look for different symptoms. So, the real question isn't what are the symptoms, but rather how will we recognize symptoms of health in an innovative industry when we see them? This paper focuses on three symptoms.