Well, yes – there were a rather lot of businesses there whose main hope for a liquidity event seemed to be ’sell to a larger business’. But I can’t really blame people, since this is a model that’s easy to intellectually grasp:
1. Build something cool.
2. Talk it up with the right people.
3. Wait for Google / Yahoo / Amazon / eBay / AOL / Microsoft to notice.
4. Hope like hell they’d rather buy it than build it.
See, easy – even I understand it.