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Anyone here have experience with joint development agreements?

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Anyone here have experience with joint development agreements? TLDR: help me get the most out of a potential partnership between my firm and a group of inexperienced college age 'entrepreneurs'. Context below.

I represent a firm that has obtained proper licensing to do business in a highly lucrative industry (think healthcare device technology). I met these two 19 year old entrepreneurs at an industry roundtable in my city.

These kids are absolutely brilliant - dropped out of uni at 18. They apparently had gone to CC while in high school and took 12 AP classes each in HS on top of their CC classes, so they went to college together at 17 with enough credits to be juniors. No joke. I talked to them, and managed to get them in my office this week.

Anyways, these kids developed an amazing piece of technology and have a functional prototype. I can't talk too much about it because I'm bound by an NDA, but if it goes to market in a smart way, it'll shake up a whole lot of existing structures in our industry. They filed a provisional patent, and I have a letter from our patent attorney saying that all the claims check out for filing a utility.

However, these guys have NO IDEA what they're doing in business. The CEO showed up to an important industry association meeting wearing fucking sweatpants and a surplus Vietnam field jacket. Their funding consists of personal loans from friends and family totaling up to less than 50k. I have NO IDEA how they managed to make a sophisticated piece of tech on that kind of budget. Not only that, but they've also got other projects in R&D that they told me about which are fucking brilliant.

I told my bosses about them, and they want me to bring them in with some sort of formal partnership agreement, so we can milk them for ideas, but I already know they're going to be typical entrepreneurs about the whole "working for someone else" thing. My bosses want me to write a draft agreement. What stipulations should I put in?

Thanks guys.
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>>1598251
buy them out or walk away faggot
>>
>>1598316
I can't really communicate accurately how much money our firm would make with some sort of exclusivity on the sale/development of their device.

Walking away isn't an option, and these kids won't agree to selling out.
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>>1598251
I do. If you want that kind of contract written it will cost you.
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>>1598332
Yeah, we're leaving contract writing to the attorneys. I'm more talking about a draft agreement that lists out potential terms and scope of the agreement.

What are your thoughts?
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>>1598319
so buy them out for a fair price, they will walk away from the patent for a nice lump sum. you're trying to jew these kids out of their life ambition and I applaud your efforts but if they own the patent and you signed a fucking NDA they have YOU by the balls.
SO mr. fancypants 4chan investor, run the numbers on how much you will make and offer a competitive lump sum amount to buy out the rights to their patent, and give them stock options in your company. or walk away.
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>>1598343
That still will cost you money.
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>>1598477
What's your background?

How much for a short briefing after an email convo for context? Maybe we can work something out.
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>>1598494
Please supply a throwaway email and I will be in touch.
Thread posts: 9
Thread images: 1


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