A Sad Day for Progress
But, with this news, there is a greater concern to be focused on as well: PolyFuel has been a leader in developing important next generation fuel cell technology. With this shut down, as a result of the poor economy, the research and development that has happened to date will just go fallow.
This is a shocking outcome. While PolyFuel had forces working against it and it didn't get to commercialization soon enough to survive, the most distressing thing is that all of the work it has done will essentially be lost. And we are not talking about a company in the entertainment space or other market where progress may mean more fun but . . .
And, sadly, PolyFuel is not the only company with truly meaningful development that is being shut down as a result of the economy. I have spoken with a number of my friends who invest in life science venture capital and they each have stories to tell about important companies on the road to commercializing life-saving treatments that have had to shut down. This is bad.
I don't really know the solution to this tremendous problem. But it seems somehow we need to find a way to support companies that are just at the wrong stage of the cycle during this economic downturn.