For latest version: please go to https://academicentrepreneurship.pubpub.org/pub/d3er22l7/release/2 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.