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Business transactions follow good business planning

Business transactions are the lifeblood of our economy, here in Colorado and all across our country. When an individual or company comes up with an idea that advances technology and offers multiple uses designed to save lives, we all pull up a chair to listen.

For example, we know that blood loss in trauma patients becomes quickly detrimental and the faster medical personnel can quantify the loss and consequent risk of shock, the more time there is to implement life-saving measures. A groundbreaking idea that could expedite the quantification process could potential change the face of modern medicine. But many times, great ideas get stalled in development before a business plan is developed that could lead to the creation of amazingly successful business transactions.

The Colorado Institute for Drug, Device and Diagnostic Development announced on August 1, it is providing funding and business assistance to Flashback Technologies, a start-up specializing in software that analyzes physiological data. Flashback will use its software, developed at the University of Colorado, to develop a device to non-invasively detect blood loss levels and shock risk in trauma patients.

The $150,000 in funding will help Flashback in furthering intellectual property, regulatory and business planning efforts. The work has the potential to revolutionize patient care in emergency settings. The hope is that the use of the newly developed technology will extend into other areas of medical care.

When exciting new technology is a possibility, business planning is a vital part of the process. Without a proper concept of the development and potential use of the product, it may be difficult to move beyond the initial stages. The goal, ultimately, is to propagate business transactions from the development of the product. The earlier in the planning process the final goal is recognized the greater likelihood of ultimate success. In Colorado, an attorney in business creation and transactions may offer some support and assistance.

Source: Daily Camera, "Longmont's Flashback Technologies receives $150K, business assistance," Alicia Wallace, Aug. 1, 2011

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