Title

Negotiation Strategies

Author(s)

Anthony Martin, Miller School of Medicine, University of Miami
Eric Max, The Wharton Business School, University of Pennsylvania

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

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

Recommended Citation

Martin, Anthony and Max, Eric (2019) "Negotiation Strategies," Academic Entrepreneurship for Medical and Health Scientists: Vol. 1 : Iss. 1 , Article 9.
Available at: https://repository.upenn.edu/ace/vol1/iss1/9