Two related trends characterize the recent past: value propositions are migrating from the physical to the informational, and value creation is shifting from firms to consumers. These two trends meet in the phenomenon of " consumer-generated intellectual property " (CGIP). This article addresses the question: " How should firms manage the intellectual property that their customers create? " It explores how CGIP presents important dilemmas for managers and argues that consumers' " intellectual property " should not be leveraged at the expense of their " emotional property. " It integrates these perspectives into a diagnostic framework and discusses eight strategies for firms to manage CGIP. (