ABSTRACT
According to internet sources, Leo Baekeland sold the rights to his invention, Velox photographic printing paper, to Eastman Kodak in 1899. It was the first commercially successful photographic paper and he sold it to Eastman Kodak for $1 million. Baekeland had planned to ask $50,000 and to go down to $25,000 if necessary, but fortunately for him, Eastman spoke first.
It has been nearly a century since Baekeland’s negotiation with Eastman Kodak and the business world has changed substantially. The internet is rapidly connecting businesses across the globe, and electronic commerce technologies and processes have introduced new ways of doing business. The infrastructure for a completely new business paradigm of electronic commerce is being laid. However, the infrastructure is not yet complete. Negotiation is an important part of the procurement process, and yet most corporate negotiation today is conducted in much the same manner as Baekeland’s was nearly a century ago. In order to support current business practices as well as new ones on the internet, electronic commerce systems need the ability to negotiate.
