Exhibit 1. The Risk Management Framework. This is a comprehensive framework for the management of risk in industrial R&D. We focus deliberate risk management activities at the Key Risk Moments (e.g., pre-game+, commercialization+, interim assessments in mid-game+, and end-game+). We analyze the individual components of risk (e.g., technical, legal). We recognize that most risk is not quantifiable in creative endeavors: risk too is unpredictable. Finally, we recognize risk can only be assessed within the context of the interplay between research and investment objectives. Research that is low risk intrinsically, may be high risk when viewed as an investment objective.