Engineered Materials of Maine represented a major part of the future economy of the region. Its recent closure was a dismal sign. But instead of reason to give up hope, the failure was a demand for reassessment and it was evidence that much more work must be done to yank this part of Maine out of its economic decline. It can start by reviewing what went wrong with this promising business and what might make a better version successful next time.

Engineered Materials, based in Bangor, was to make lumber from low-grade hardwood, primarily red maple, layered and glued into beams to produce strong, high-quality framing. From its beginnings at the federally funded University of Maine’s Advanced Engineered Wood Composites Center to the city’s support when it bought the new business a building, the project has been as much a public as private enterprise. The public shouldn’t give up on its investment.

Sen. Susan Collins, who was the key supporter of federal funding for the university lab, said she was perplexed by the swift failure of such a promising idea, and wondered about the business’ wood contracts and its overall business plan. She raises good questions, which a thorough review should answer.

A shortage of wood at an expected price apparently was one problem, but there were others too, according to Jake Ward, executive director of the UMaine Office of Research and Economic Development, who said other factors such as moving goods to market to create a cash flow, a lack of capital and the breadth of the markets that were targeted all influenced the company’s performance. His office, along with the composites center, is expected to dissect the company’s troubles in the coming months.

The university, certainly, has plenty of expertise to examine all phases of the business, but it shouldn’t hesitate to look beyond this region for help and advice. Composites businesses have grown up elsewhere, and it would be informative to see what they did differently and what changes Maine could make to improve its own outcomes.

Perhaps the best news comes from Greenville, where Town Manager John Simko recently said the town remains committed to building an18,000-square-foot composites facility. In a news report, he sounded undaunted by the closure of Engineered Materials. “The fact that they haven’t made it work doesn’t mean that other businesses won’t make it work,” he said. This could be especially true if Maine gets a thorough understanding of what didn’t work in Bangor.