Which one of the following statements is NOT true?
A) Approximately $23 billion was invested in venture capital funds in 2010.
B) The venture capital industry as we know it today emerged in the late 1990s.
C) Modern venture capital firms tend to specialize in a specific line of business, such as hospitality, food manufacturing, or medical devices.
D) A significant number of venture capital firms focus on high-technology investments.
Answer: B
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