Applying the 4 P’s to get to “The Science of the Deal”: Tips on People
Editor’s Note: This is the third post in a five-part series examining Fuentek’s Deal-Making 4 P’s.
As I noted in a previous post, Fuentek’s proven Deal-Making 4 P’s can position your Technology Transfer Office (TTO) to more consistently and predictably execute licensing agreements for your institution. The Deal-Making 4 P’s are:
As outlined in the first post of this series, managing the people in your organization is critically important and may often be your most challenging responsibility. It requires a considerable effort to attract, recruit, and retain experienced and qualified professionals for all positions across your organization. Additional processes that are essential to building and maintaining an effective and efficient team include your on-boarding process, establishing mentors for new staff members, and developing the right sourcing strategy for personnel to support your mission.
Each of these elements is critical to building an efficient and effective organization. For instance, you will not succeed just by hiring well-seasoned entrepreneurs if you don’t have a program in place to mentor them on the technology transfer goals and procedures specific to your organization. Several questions to contemplate in this area include:
What key competencies are you missing today (from technical knowledge to negotiating skills) and what will you need in six to 12 months as your R&D organization grows or changes?
How will you recruit associates with the appropriate skills and experience level, and what portion do you need fulltime versus on an as-needed basis?
What personnel investments are you making to develop key organizational relationships across your institution? Are these relationships strong or do you need a different personality as your liaison?
What investments are you making to improve your team’s ongoing capabilities and competencies in order to impact your goals?
How does your organization work on attracting, recruiting, and retaining key professionals to build a world-class TTO? Leave a comment below, and check back next week for the next installment in this series.
–By Jack Spain