The Times Record on Jan. 2, one might have reached the inescapable conclusion that Maine has messed up yet again and lost another business opportunity.

We read that Kestrel Aircraft Co. has been negotiating a move to Superior, Wis. Perhaps some readers will recall a rather public announcement some months ago that this company would locate at Brunswick Landing and create 300 to 600 new jobs.

It would appear that announcement was a bit premature. It would also seem we need to do a better job of vetting the people and businesses we attract before a brass band is hired to celebrate such an announcement.

In reading further, we discover that the executive director of the Midcoast Regional Redevelopment Authority was not aware of these negotiations. He had “been taken by surprise” when told of the Kestrel decision to seek an alternative location.

The fact is this was the second time the company decided to look for greener pastures elsewhere. In October it was reported they had also engaged in negotiations with Berlin, N.H.

To be fair, the executive director was never told of Kestrel’s plans to look elsewhere either time. He belatedly heard about such actions by Kestrel when reporters came knocking at his door.

On the surface, Kestrel is exactly the sort of company we would want to bring jobs to the area. Kestrel claims they have developed a cutting edge aircraft technology that is supposed to compete against Beech Aircraft and other established aircraft manufacturers.

In this depressed economy, Kestrel would appear to be creating attractive, high paying jobs with potential for growth. It appears that the flaw in the ointment is that Kestrel had claimed an innovative idea but couldn’t come up with sufficient financing or investors. It appears that a large share of its financing is government grants.

In the past, we have heard numerous claims that if we just provided grants of millions of dollars that magically a “ start up” company would create hundreds of jobs in Maine.

I can’t blame Kestrel for looking for the best possible deal for the company, but a good corporate partner owes us open communication about their plans to look elsewhere. Their behavior in this matter should force reconsideration for the grants and preferential loans that Kestrel seeks from us. They are not proving to be committed to Maine.

Kestrel has also bashed CEI of Wiscasset for its reluctance to produce sufficient New Market Tax Credits as a reason for looking elsewhere. But CEI’s participation is predicated on Kestrel securing equity investors on its own.

CEI is required to follow strict guidelines regarding who is eligible to receive New Markets Tax Credits. Their criteria exist to avoid Solyndra like occurrences.

Perhaps Kestrel’s frustration stems from CEI’s due diligence and probable decision to limit its risk based upon the company’s inability to attract sufficient capital.

No business in the current climate should expect to be largely publicly financed. Without risk sharing, private companies would have no impetus to operate efficiently, produce profits or be good neighbors.

Beacon Power Corp. is a perfect example of what goes wrong when government intervenes to picks its winners and losers. Beacon, an energy storage company with an innovative new idea, became a darling of politicians in Massachusetts. Beacon drew down $39 million in loan guarantees to fund its operation.

Sadly, Beacon continues to operate at a loss and its revenues are not enough to support its operation. Now, the federal government is its largest creditor.

In contrast, Rynel , a Wiscasset based manufacturer that is experiencing high growth, is accessing New Market Tax Credits through CEI to expand its operation at Brunswick Landing.

It appears that Rynel appreciates the substantial assets that Brunswick Landing has to offer and has sufficient capital to make its promises real. Another example is Resilient Tier- V, an expanding data security company that has headquartered its operation at Brunswick Landing.

State politicians and economic developers should understand the differences between attracting start-up companies and established, high- growth firms. When dealing with start-ups, it is critical to look for market validation in the form of private investors before committing tax dollars to these projects.

Maine could and should do more to attract new business. But not every idea is worth public investment, and not every great business worth public investment is from away.

JOHN RICHARDSON of Brunswick served as speaker of the Maine House of Representatives from 2004 to 2006 and as the state’s commissioner of economic and community development from 2007 to 2009.