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Date of this Version

9-30-2019

Document Type

Book Chapters

Summary

  • Preparation is key for a successful negotiation. Be sure to create a prioritized list of the objectives and try to predict the other side’s prioritized list of objectives. Which objectives align on both sides, and which do not?

  • Research industry standards to serve as a reference point.

  • Determine what your strongest leverage factors are and try to predict the other side’s lev­erage. Who has more freedom to walk away from the deal?

  • Negotiating with startup cofounders is important for determining the fair distribution of equity and any intellectual property (IP) rights based on product conceptualization, exper­tise, responsibilities, commitment, and risk.

  • Physician-scientists may negotiate with industry for sponsored research agreements, joint development agreements, or a position on the scientific advisory board.

  • Physician-scientists may negotiate with hiring institutions for objectives like startup pack­age funding, protected research time, start date, salary, and title.

Creative Commons License

Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.

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