The document discusses managing intellectual property rights (IPR) risks. It provides principles for identifying IPR opportunities and threats from competitors, including being aware of new forms of IPR. It emphasizes having the right culture and standard operating procedures, such as regularly searching for potential issues and data exclusivity. The document also discusses how IPR can generate wealth through various forms like patents, trademarks, trade dress, and copyright. It warns of the risks of IPR neglect and provides examples. It advocates futureproofing IPR risk management through annual valuation, training, and reward programs. The overall message is shifting the focus from IPR risk management to IPR reward management.