Luna Innovations who are in the process of gearing up an IPO, have fallen foul of the slow down in “the nanotech industry.”
The gist of the problem is that a US city fell for the hype of how nanotech would save the local economy and whipped together a $900,000 grant for Luna to attract Luna’s nanomaterials facility. So far so good, but local bureaucrats always like to have measurable targets, and in this case Luna have so far failed to hire enough people or invest enough money to satisfy the city, and as a result of the IPO, Luna have revealed that they have “classified the full amount of the grant as a liability on our balance sheet.”
There’s usually more to these stories than meet the eye, but the moral is that business will always talk up a technology and politicians will always be afraid of missing out. Luna have some nice technology, which may one day create jobs in Danville, but, as with any early stage technology, it can never be a safe bet.