Agile methods provide a very efficient way to develop software. But efficiency is not the point. As we explore in this Executive Report, the point is that in the rush to experience the virtues of this effective development method, and the excitement of the surrounding publicity, an important question is left unanswered: Does efficient software development (read "agile") necessarily bring a real advantage to the owner of that software? A growing number of our clients are concerned about business value and that the software they take delivery of is not fully exploiting the potential value. To put it another way, there is real business value to be had, but the software development process alone does not deliver it. Clients complain about the lack of innovation coming from agile development teams, and they report that their new software is often not that different from the previous incarnation of the functionality -- a few extra bells and whistles, yes, but not the breakthrough implementation that delivers a significant business advantage.