He emphasized that it is important to get the highest caliber people involved and that the business side is more critical than the science to the success of the venture. He cited the example of scientist-inventor Robert Langer who has started a dozen companies. He finds a business partner, gives them 50 percent of the company, and then goes back to his lab. Reinhart says you need to reserve a large amount of time, energy, and resources for a deal with the partner company. Be prepared to bring in partner technologies.
Faculty are often the best marketers of their invention.
Be prepared to tell 50 companies about your opportunity. Scruples fall on a wide scale , he says. His recounted one faculty member's effort to get his invention to the marketplace and the twists and turns of plot driven by the personalities involved. The story begins with an MSU faculty member who invented a technology that MSU was licensing to a company. That company was taken over by three people who had no idea of what to do with the technology and the agreement was cancelled.