One of the most exciting parts of moving to an academic job is the opportunity to build research independence. But that independence comes with new financial needs and responsibilities. First you need start-up funding and lab space. Then you need to figure out how to use your resources effectively–and to keep the revenue flowing. Running an academic laboratory is “equivalent to … running a small business out of the university,” says Sean Stocker, a professor of physiology at the University of Kentucky College of Medicine in Lexington. Acquiring the resources you need to be successful, and using them well, requires careful budget planning, good negotiation skills, wise spending decisions–and generally good business sense. read more