The Historical Evidence of a general trend of VC Investments persists throughout the rounds. Which of the following is NOT historical evidence? Investments made in the first financing round are more likely to fail and more likely to achieve staggering returns. Early investors get compensated for the high likelihood of failure by receiving a better deal on their stock. Second and third-round investments demonstrate a greater capacity for survival, as investors have more information about their performance and track record. The likelihood of IPO decreases, and failure increases in each subsequent financing round. Question 8 1 pts Which of the following is the first step in the investment process for a "typical" VC? preliminary due diligence screening term sheet final due diligence closing