Date of this Version
- 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
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.
Martin, Anthony and Max, Eric
Academic Entrepreneurship for Medical and Health Scientists: Vol. 1
, Article 9.
Available at: https://repository.upenn.edu/ace/vol1/iss1/9