• Stage of development of the technology
• Role retained by the licensor in product supply or other ongoing activities
• Size of the market opportunity
• Scope of the market granted to the development partner

• Strategic decision-making is a broad analysis.

• Tactical decision-making analyzes specific products or technologies in a known competitive landscape.

• In return for bearing and managing such risks, venture capitalists expect to achieve sufficiently high internal rates of return, typically between 20 and 40 percent.