You're going confusing two things here. Raising investment for your company is not the same as having a business model dependent upon acquisition/exit strategy

You're going confusing two things here. Raising investment for your company is not the same as having a business model dependent upon acquisition/exit strategy. Remember ever investor dreams of getting stock in the next Google - the one piece of their portfolio that will make up for all the other losses combined. A big hit of nature will come either from a massive acquisition (like YouTube - but just how many acquisitions have there been on that scale? The media hypes these up a lot but that distorts the actual perception of the regularity with which they occur) or from running a sustainable business e.g. Facebook that can grow by itself.