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Adina Krausz has spent two decades moving between banking, family offices, and innovation hubs. Today, she leads InnoSource Ventures, the innovation arm of family office Toledo Capital, where she and her team have built a model for de-risking early-stage investments in high-tech startups. Her portfolio spans healthcare tech, sustainability, and advanced manufacturing, including companies like XJet, one of the 3D printing players she calls a “trailblazer.”
In an interview with 3DPrint.com, Krausz outlined the market forces shaping additive manufacturing (AM), what she looks for in startups, and why healthy corrections — not hype — create the real winners.
Krausz’s model at InnoSource Ventures flips the usual venture playbook. Instead of investing first and hoping for product-market fit, her team collaborates with startups for 18 months before writing a check. During that period, they focus on strategic partnerships with corporates, licensing and distribution agreements, and proof-of-concept pilots and accelerator programs.
“Only after a startup demonstrates operational excellence and real market traction does Toledo Capital invest,” says Krausz. “By the time Toledo writes a check, the startup has already shown it can execute. It gives us insights that no financial due diligence can actually offer. When you’ve seen a team deliver consistently over that kind of timeline — proving product-market fit and operational discipline — you know much more than what’s in a pitch deck or a balance sheet. It’s a way to mitigate risk while supporting innovation.”
In 3D printing specifically, Krausz sees both promise and growing pains. XJet’s work with new metal and precious-metal materials stands out, but the industry overall has gone through a period of “hype” followed by a healthy correction, she tells me.
Sarah Saunders, Managing Editor at 3DPrint.com, visits XJet in Israel. Image courtesy of 3DPrint.com.
From Krausz’s perspective, the 3D printing industry is at a turning point. Consolidation, she says, is inevitable. Expectations ran too high in the past, and adoption across manufacturing has been slower than many predicted. In a field that is so capital-intensive, only the strongest technologies and companies are likely to survive. At the same time, she stresses that the era of raising money on vision alone is over. Investors now want proof: real commercial delivery, product-market fit, and a clear path to shareholder value. That pressure to show tangible results is reshaping how startups approach growth.
Yet beyond the consolidation story, Krausz also points to 3D printing’s quiet ubiquity. Even in sectors where companies aren’t considered “3D printing businesses,” the technology is embedded in workflows. Many of InnoSource’s healthcare startups, for instance, rely on 3D printing for rapid prototyping, underscoring how additive manufacturing has become an enabling tool across industries rather than just a standalone sector.
Krausz sees important regional differences in adoption. Globally, manufacturers have been slower to integrate 3D printing at scale, but in Asia, “the appetite for innovation is stronger.” Companies there are more open-minded about adopting 3D printing than in Europe, for example. They are experimenting more freely, while some Western companies remain cautious after early disappointments, often treating AM as an additional manufacturing method rather than a full conversion, she says.
For founders in additive manufacturing, Krausz’s advice is both blunt and constructive. She insists that startups can no longer rely on lofty promises to win over investors. In this sector, product-market fit has to be proven early, with use cases that clearly demonstrate why customers need the technology and how it creates value.
“The vision thing is over here,” she says. “Shareholders want to see shareholder value. That means building solid business cases rather than chasing inflated valuations. Differentiation matters, as does showing a clear path to revenue and growth.”
Rendering courtesy of 3DPrint.com
In her view, raising money at unrealistic valuations may feel like a short-term success, but it only sets up startups for painful corrections when they have to prove themselves in the next round. “Eventually, the money runs out and you need to raise again—and that’s where the real test begins,” she cautions.
Krausz also points to the importance of choosing the right markets. For 3D printing, the most attractive opportunities lie in medtech, defense, and other hardware-focused sectors where volumes are lower but the value of each part is high. These are areas where additive manufacturing can play to its strengths rather than compete with mass production. She adds that many healthcare and sustainability-focused startups already use 3D printing for prototyping: proof that even outside the pure-play AM world, the technology is deeply embedded in innovation pipelines.
Krausz says she’s also “bullish on companies like 3D Signals, which improve manufacturing efficiency and energy use. These solutions should be on every manufacturer’s radar. It’s a very easy process, and once implemented, the return is immediate. But traditional businesses need to be more open-minded and give these pilots a chance.”
After a two-year lull in venture activity and a reset in valuations, Krausz believes the uptick has begun. But she warns against short memories: hype cycles—whether AI or AM—repeat. Her team pushes startups hard on commercial delivery to avoid overvaluation traps.
“Raising at crazy valuations is a short-term success,” she argues. “Eventually, the money runs out, and you need to raise again. That’s where the real test begins.
“I like to mix pragmatism with encouragement. Of course, I’m cautious against inflated expectations and would highlight the hard realities of capital-intensive markets, but I want to be equally clear that this should not discourage innovators. I want companies to be realistic, but I don’t want to demotivate anyone. Corporations should give these new technologies a chance; they need you now, but in the long run, you will need them too.”
Adina Krausz at the 10th Capital for Cures AG event. Image courtesy of InnoSource Ventures.
Despite decades of headlines, Krausz still considers additive manufacturing to be in a state of maturation. Machines and materials exist, but broad adoption in general manufacturing lags. The pressure is on for companies to demonstrate tangible revenue and scalable use cases.
Her parting message is both realistic and hopeful: “I want companies to be realistic, but I don’t want to demotivate anyone. Corporations should give these new technologies a chance; they need you now, but in the long run, you will need them too. It’s a win-win that should be explored much strongly.”
Krausz’s perspective offers a blueprint for 3D printing founders and investors alike. De-risk early, prove product-market fit, target the right niches, and treat efficiency tech as a force multiplier. In a capital-intensive industry emerging from its first big shakeout, that playbook may define the next generation of winners.
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