Sale of Invention Rights

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.

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.