True, but in that scenario such a startup only really has one exit strategy and it's hard to get much above acqui-hire pricing because the potential acquirer is

True, but in that scenario such a startup only really has one exit strategy and it's hard to get much above acqui-hire pricing because the potential acquirer is well aware that they are making a build-vs-buy decision now that the market need and fit has been proven, and they as the potentially acquiring company control the cards in doing so.