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Any faculty member wishing to commercialize a discovery or technology should contemplate the pros and cons of pursuing the entrepreneurial route or licensing to an outside entity.
A serial entrepreneur learns that the world's most exciting, groundbreaking technology is pointless if it is unable to address an urgent and relevant need.
Academic researchers often need to stand out to advance, but the corporate world calls for team players. Moving from one world to the other can be a culture shock.
Locking in a potential partner and executing a license for development and commercialization requires honed negotiation skills. Here's how not to blink.
Securing a partner is only the beginning—you then have to put substantial effort and resources into keeping the collaboration functioning and productive.