Build a relationship with your university’s TTO, keeping their perspective in mind. Universities are not trying to make a lot of money, but they are cost-centered because they rarely make a profit and even lose money on technology transfers (Rose, 2021). They are interested in moving technology out to the public and acting in the public’s interest, so show that that is likely to happen by understanding the value of your market.
Build a relationship with other faculty members who are a little further along in the entrepreneurship process. They can help get you ready for the next steps.
Many attorneys provide advice on a pro bono basis, defer fees, or just ask for a small amount of equity (e.g., 2%) if they think your product has the potential to succeed. Be prepared to promote your idea to them and ask if they are interested.
The elements (upfront payments, equity, royalty) are connected. Changing one can affect the others in the negotiation process.
You can try to renegotiate a license as circumstances change.
Source
Rose D. NIH 2021. NIA and NHLBI Entrepreneur Workshop Series: Licensing and Partnering Agreements and Breakout Session: University Licensing Agreements.
