The authors attempt to portray the nature of semiconductor research at Bellcore and the ways in which this research serves Bellcore and its seven owners. The semiconductor research at Bellcore supports the Regional Companies' long-range vision of broadband, intelligent, and friendly networks. Through the ideas and information emerging from this research, Bellcore and the owners get some of the clearest early indicators of the shape and performance of networks and services to come. Besides specialized information provided to other Bellcore organizations and the owners, experimental models of new devices are incorporated into Bellcore's system experiments. Examples of research results are described in the areas of VLSI design, photonic and high-speed electronic devices, and integrated optoelectronics and novel optical devices. The values of the consortium mode to both the owners and the research activity itself are briefly reviewed.>