Sale of Invention Rights

A businessman came to know about a scientist, who had invented a very useful product. He invited the inventor to visit his office for a probable sale of the rights to this invention. The scientist agreed to discuss and visit his office.

During the journey, the scientist thought about his opening offer as well as walk away price to sell the rights to his invention.

Upon arrival to the businessman's office, the negotiations began. The scientist accepted the offer which was almost 20 times of his initial estimates.

How could the scientist pull of this miracle?

Image Credits - https://pixabay.com/de/vectors/silhouette-team-building-3265909/

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Anil

Thu, Jul 30th 2020 at 4:15 AM

The businessman made the first offer and the fortunate scientist accepted the offer. Leo Baekeland was the scientist in this story, who invented a type of photographic paper which could be developed under artificial light. George Eastman, the business man came to know about this invention and he invited the scientist him to explore sale of this special paper technology. Before the discussions, the inventor thought to ask for $50K. He even decided his walk away price to conclude the sale, which could be $25K. Once the discussions began, the business man spoke first and offered one million dollars. This was very fortunate for the scientist and he accepted the deal immediately. At times, we fail to see the deal from others perspective and leave the money on table.

Anil

Thu, Jul 30th 2020 at 4:13 AM

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In addition to hard and soft skills, we must also exhibit self-management skills e.g. self-motivation, time management and stress management. Being open minded, flexible, adaptable, experimenting and learning from mistakes are the key differentiator for a person's success.

World Economic Forum lists out the top ten soft skills, which employers look for. These are · - Complex Problem Solving · - Critical Thinking · - Creativity · - People Management · - Coordinating with Others · - Emotional Intelligence · - Judgment and Decision Making · - Service Orientation · - Negotiation · - Cognitive Flexibility

As a prospective employee, it is our job to learn and enhance the soft skills continuously as well as demonstrate relevant skills in our resume and during the interview to increase our success rate in the interview process.

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Sale of Invention Rights

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