Big News: FounderDating is joining OneVest to build the largest community for entrepreneurs. Details here
Latest Notifications
You have no recent recommendations.
Name
Title
 
MiniBio
FOLLOW
Title
 Followers
FOLLOW TOPIC

Question goes here

1,300 Followers

  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur

What's the best way to negotiate terms with an Inventor as an Innovation Consultant?

As Innovation consultant one picks up on a whole lot of new inventions and innovations. What's the best way to negotiate terms when the inventors product lacks a few enhancements to make it better and I have to commercialize the product...especially when the inventor does not have any cash to pay for consulting fees?

2 Replies

Scott McGregor
2
0
Scott McGregor Entrepreneur • Advisor
Advisor, co-founder, consultant and part time executive to Tech Start-ups. Based in Silicon Valley.
This is common. There are a continuum of choices.

On the one hand as a consultant your job is to advise and recommend, so you can write a report with your recommendations, including advising raising more cash on the basis of the recommendations and leave it to the inventor to either do that and engage you for implementing the recommendations. This is the most passive approach and conserves your resources.

On the other hand, in the most active role you act as entrepreneur: you find suppliers or contractors who willl work for deferred cash, royalties or equity, you find distributors who will advance cash or invest, you find lenders and investors who will give the company working capital and to cover your fee. You might even take your fee inequity or a percent of new sales.You wrap up all the proposed contracts with a bow, give it to the inventor and say my recommendation is that you sign these contracts that will bring about the enhancements I have proposed, and finance the work and my fee. If the inventor accepts them you get your fee. If they don't you go unpaid.

And since this is a continuum there is all the possible solutions in between.

Marlon Green
0
0
Marlon Green Advisor
Passionate Entrepreneur, Experienced SharePoint and IT solutions Specialist, Inventor of THE MUWS, Innovator and Business Analyst
Thank you, makes a lot of sense.
Join FounderDating to participate in the discussion
Nothing gets posted to LinkedIn and your information will not be shared.

Just a few more details please.

DO: Start a discussion, share a resource, or ask a question related to entrepreneurship.
DON'T: Post about prohibited topics such as recruiting, cofounder wanted, check out my product
or feedback on the FD site (you can send this to us directly info@founderdating.com).
See the Community Code of Conduct for more details.

Title

Give your question or discussion topic a great title, make it catchy and succinct.

Details

Make sure what you're about to say is specific and relevant - you'll get better responses.

Topics

Tag your discussion so you get more relevant responses.

Question goes here

1,300 Followers

  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
Know someone who should answer this question? Enter their email below
Stay current and follow these discussion topics?