As described in Hiring a faculty consultant, we need to hire a faculty consultant. The initial stages are perhaps only 100 hours, but subsequent stages may blossom to ten times that.
Will good professors be able to deliver that much consulting time? Would I be better off with a grad student or postdoc - could they deliver that much time? Or with a less accomplished professor with more time on their hands?
One alternative we've considered is to hire a fresh Ph.D. looking to enter industry. The problem is that we are not ready to commit to a full time employee - it's only if we get good results in the initial stages (and our investors agree!). Is there a solution for this?
One last alternative is to work out a research arrangement, where the professor would direct some of their research towards our needs. They'd get to publish the papers (with the application details removed, but the algorithms there) and we'd get ownership of the IP and control over the research agenda. Is that an option?
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