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WELCOME AND CHARGE TO THE CONFERENCE 15 factors. She concluded by explaining that "the full value of this cultural change to the broader application of of innovation in transportation financing will only be innovative finance approaches and noted the importance realized when paired with companion innovations in of continuing development of innovative solutions and the project definition, development, approval, and new ideas. implementation processes," including actual streamlin- ing, effective partnering, and interagency coordination and cooperation. Track 4: New Transportation Initiatives and Demands on Financing Track 3: Structures, Institutions, and Partnerships Joseph M. Giglio to Deliver More Projects Faster and Cheaper Joseph M. Giglio described innovative solutions and James T. Taylor II new initiatives as supplements to traditional funding, not replacements for it. James T. Taylor II explained that the initial focus of Giglio commented that all studies of investment innovative finance was on completing projects faster needs falsely assume that technology, demand, and and cheaper but the current focus is on solving prob- demand management will remain unchanged. He com- lems. He offered mobility as an example of a problem pared the current state of transportation investment to that innovative finance solutions are seeking to address. the "tragedy of the commons," with its overuse of pub- Taylor noted that professionals are now steeped in lic goods perceived to be free and the resulting behav- innovative finance techniques that have been in use for ioral patterns. He called special attention to the need to the past 10 to 15 years. He highlighted the importance focus on information technology solutions.