Poster child fall from grace

Somebody posted this to a previous blog:

Mathis Instruments is now closed. After spending $15M+, their landlord and financial backers pulled the plug. Another PHD come business person trying to show the world they know better. Good effort but R&D efforts have to evolve into sales efforts.

From the media:

Award-winning city company struggling for survival
The Daily Gleaner (Fredericton) – Wed, Jan 17, 2007
A highly touted New Brunswick success story, Mathis Instruments Ltd., is struggling for survival. The award-winning, Fredericton-based thermal conductivity and analysis company has clients around…

Startup president mum on reason for lockout
The Daily Gleaner (Fredericton) – Tue, Jan 16, 2007
Nancy Mathis, president of one of the best-known entrepreneurial start-ups to emerge in Fredericton, says she’s anxious to reveal more about a situation that has left her company locked out…

Future uncertain for award-winning tech firm; Technology Creditors, company meeting to discuss ‘options’ for Mathis Instruments
New Brunswick Telegraph-Journal – Tue, Jan 16, 2007

For me this is the most depressing news in a while. Mathis has been touted thousands of times as the example of successful R&D commercialization in New Brunswick. So much so that I complained a few months ago in this blog that we needed more examples to diversify our ‘example’ base.