You and your partner have just begun a start-up in the last few months and with growth quickly picking up pace, the two of you are seeking to raise equity capital to accommodate that growth. During a meeting, your partner says, "Institutional investors would likely need to see more history and proof of concept before their restrictions would allow for investment. Venture capitalists are essentially partnerships of institutional investors, so it may be difficult to acquire capital from them. Our most likely source are angel investors, generally people we know or have with whom we have access."

Which of the above statements from your partner is incorrect? The statement regarding ___________.

the entire statement is correct
		institutional investors
		angel investors
		venture capitalists