Why 'Product-Market Fit' Metrics Obscure Systemic Risk in Venture-Funded Infrastructure Startups

为何‘产品-市场匹配’指标掩盖了风险投资驱动的基础设施初创企业的系统性风险

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Venture capital prioritizes rapid user acquisition and engagement metrics, yet these signals poorly predict long-term viability for physical or regulatory-dependent infrastructure ventures.
Startups building energy grids, water sensors, or logistics hubs often rely on municipal contracts whose renewal cycles exceed typical VC exit horizons.

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