pig

ok, so here's a quick synopsis:

i'm a research engineer at strong second-tier southern university. for the past two years, i've been involved with what you might call "applied research" to develop a prototype, "proof of concept," device. this effort has been successful, and the results were presented at a major scientific conference quite recently. i have been working under the direction of two professors at the university, who are now wanting to launch a start-up company based on the concept (which was pre-existing to my involvement, but which i have modified/added/etc to make it work / improve). this has essentially been an underlying theme in the course of my research work for the past two years with this group.

there is a local consortium which is endeavoring, in general, to support the formation of startup companies in the area that i have been working. the professors i work with have been in negotiations for the past several months with this consortium to gain capital funding to launch the startup. one week the money is in place, the next week the deal is unacceptable. we also have a former ceo of a major company, and his wife who has also had a successful career in business management and ownership, involved in the financial direction of the company. now here's the deal:

about a month ago or so, we were in a position where the deal from the consortium was unacceptable. i am running up against the end of my current contract with the university, and so i decided to look for alternative employment. eureka!!! i interviewed with a research institution, and have been offered a research position. the title/level of the position is commiserate with what i am currently "ranked" as, but the salary would basically double what i am making now. the area of the work is not exactly what i would like to be doing, in fact - its something which i fundamentally don't want to be involved in long-term, but can rationalize into being acceptable. this institution has a retention rate of permanent job offers for the entry-level position i am considering of about 90% - so i think it would most likely lead to a permanent offer. that's another big up in the salary - something like achieving tenure, but without teaching students.

however, we have just received word, verbally, that the consortium is going to fund the startup company effort we have been looking at. there is no solid paper agreement on the terms of the financing - but the structure has been laid out, and been verbally voted on by the board of trustees. the question is what happens when the legal documents are passed around - and will another impasse be reached? regardless, the two professors, and their financial partners, are offering me a position with the startup at salary which is not as much as the offer from the research institution - it's a little bit more than i am making now; however, they are putting equity in the company as part of the offer, and possible incentives in terms of stock options and so forth as part of the agreement as well.

the problem? i am supposed to give an answer to the research institution this week? "what the fuck, you crazy ass pigglet? - its almost friday!!!" you're thinking...yes, the shit has hit the fan, and its all down to the wire. i think i can probably tell them i need the weekend to think about it - offers coming in last second and so forth, but i can't push it much further. they need to fill the position i interviewed for, and i don't want to mess them up with being able to negotiate an offer to another candidate.

i believe in the project that the startup would be working with. i believe in the area it addresses, and i know that the technology is ready to take the next step - i built the existing prototypes. the problem is that i am basically a nerd who doesn't know how to evaluate this situation. my area has been science, and i may have some inkling of ways to think about these prospects, but i've never been trained in how to evaluate them.

this is where i turn to the trusty members of ye olde tfp. i know there is a diversity of background and knowledge out here, and i'm curious as to how one normally looks at these opportunities. it may be germane to note that i am about 30, single, no family, no babies, and no serious financial obligations. i can live on the salary i'm being offered at both places, although one has the up-front larger financial return, the other has the possible long-term payout. i can get excited about either opportunity, and frankly i'm looking at other opportunities down the road as well...they just don't have much impact on my immediate move.

to rehash:

startup opportunity:

pros

1. two years of time, effort, sweat, knowledge invested.
2. i love this school, and want to see it succeed.
3. i believe in the project's possibilities and potential.
4. i believe in the general area - philosophically speaking.
5. the job would move my official "title" to a higher level. i'd essentially be the chief engineer, maybe chief technology officer.
6. i can make enough money to live well, hand to mouth, for the near term.
7. there is a potential for long term payout, being on the ground floor of the company
8. the area is trying to develop a "research park" in the area i would be working, so other opportunities might arise if i have my foot in the door. it keeps me close to the action.

cons

1. the whole thing could potentially evaporate if the deal falls through when the paperwork comes through. legal issues and whatnot. i sincerely believe that the company will take off at some point, but a pigglet's got to equip his sty, at least a little bit. i'd be back to job hunting.
2. reduced annual salary, at least at first.
3. x% of nothing is nothing; ie, the equity and stock options don't mean shit if the company doesn't generate revenue. the company could go to crap. i mean, its a startup. normal risk issues.
4. the startup currently exists on paper only - the immediate offices and laboratories would be within the university system. this means that distractions are bound to occur. i have close relationships with the graduate students, and will end up helping a lot of people. i love that - but it takes away from "company time." these kids will need my help.
5. there will be a lot of uncertainty in how to proceed. this job is very open-ended. everyone here is basically feeling their way through this for the first time. there's no cookie cutter pattern to follow, at least that i'm aware of.
6. i won't have the extra money to pay off debts, invest, etc.
7. did i mention number 1?

research institution opportunity:

pros:me

1. well established institution, with a definite solid offer.
2. higher up front salary, with very good prospect of increased salary and benefits in the coming two years+.
3. not too far from the university, so i could keep my pulse on the events i am currently involved with.
4. some free time to work on outside projects.
5. area that i can rationalize in the short-term, with possibility to migrate to an area that more closely aligns with what i actually want to do. this institution has work i'm interested in - that's just not the job offer i received.
6. safer opportunity.
7. institution is growing in acclaim and rank. they just switched acredidations, so there's some growth possibility available.
8. project is fairly well-established and supported - i'd have a pretty good chance of having success with my work.

cons:me

1. i don't really love the project. in fact, when i don't rationalize it - i don't have any interest in it. i recognize that its important, and mabye i'm just ignorant about its opportunties...but i'd rather someone else make it happen.
2. i don't like the area i'd have to live in as much. its a very remote locale, and i'm not commuting 2 hours a day, roundtrip, to/from work.
3. the potential long-term payout isn't as high. you become a well-payed researcher, but you don't have that much flexibility in what you do.
4. The pay-scale tops out, unless you migrate to other outside opportunities. I think this is somewhat improbable. they sort of own your ass - and there's only 24 hours in a day.

allright - so i realize that's a marathon post. if you read all this, i sincerely thank you for the effort. i'm not looking for answers, but perspectives. if nothing else, typing this out has helped me in my analysis. i've done some other things, but to put it forth for "peer review," so to speak helps too. i'd love to hear what y'all think.

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You don't love me, you just love my piggy style