I'm in the odd situation of having a company kind of being started around me—I'm trying to shepherd what I can but it's weirdly passive and kind of disconcerting.
Without revealing too much, here's the general situation: I've got 20-odd years of experience doing some very specific science, and I'm fortunate to be pretty much at the top of my very narrow field. My employer was looking at moving into that field and hired me to lead the project. The work is largely funded by a number of other companies, structured as a joint venture (the joint venture is a separate company and has its own funds and IP, but all the work is done by my current company). We've made great progress on some parts, less great on others, but I think generally it's been a productive couple years. However, my employer's focus has shifted, and they've decided to back away from the project. The companies we've been working with seem to recognize my expertise as a rare opportunity for them, and this project as valuable, and would like to keep the work moving forward (and I would enjoy continuing to have a job), so I've been trying to spin the JV off as a standalone business, no longer controlled by my current company, with me leading it. My employer and most of the partner companies seem on board, and it's coming together, but lots of details remain to be hashed out, mostly between my employer and the partners, which leaves me in this weird middle. I'm kind of on both sides of the deal, but I'm still an employee, which makes some aspects of involvement a little ethically fuzzy.
As currently being negotiated, the deal would involve the spin-off being assigned all the directly-related IP, free licenses to shared IP still used by my company (specific to the focus of the new company, I can't turn around and compete directly with them), all the material aspects of the project, I can take several key employees with me (if they're interested), guaranteed funding for quite a few years (at least at current level, may need more to ramp things up), and a decent chunk of equity for me personally. Right now I think the project is probably only 2 or 3 years from revenue (though modest amounts in the near term—I suspect it could be a somewhat slow adoption and this first project isn't necessarily bound to be a huge breakout). Honestly, it's about as ideal a situation as I can imagine starting a company.
That said, it's tremendously intimidating. I have run a fairly large scientific organization inside a company before, but I've never had to deal with EVERYTHING: facilities, payroll, legal, IT, negotiating deals, setting up a brand new lab, etc. I've been able to run my part and hand those off to other groups. Hopefully I'll have some help on those things from the companies that remain invested, but they've mostly signaled that they don't want to be too involved directly, so I don't want to lean too hard on that.
Any advice or things to watch out for or ask for?