PitchBook：2025年LSX世界大会的启示报告（英文版）

Efficiency emerged as a key theme, with companies focused on doing more with less. Panelists discussed the potential downsides of large funding rounds, noting that they can lead to inefficiencies and occasionally lower returns for investors. • “Don’t be the next Kodak.” In an environment where strategics are pulling back from corporate VC, Robert Kossmann from Fresenius emphasized that strategic investment could serve as a defensive tool to stay ahead of disruptive innovation. • Investors off