Which of the Following Statements Is NOT True

Which of the following statements is NOT true?

A) Venture capitalists often require an entrepreneur to make a substantial personal investment in the business.
B) Syndication occurs when the originating venture capitalist buys off other venture capitalists involved in the venture.
C) Another factor that reduces risk is the venture capitalist's in-depth knowledge of the industry and technology.
D) The key idea behind staged funding is that each funding stage gives the venture capitalist an opportunity to reassess the management team and the firm's financial performance.