Ross Mayfield has a great little article about flipping micro ventures
A Flip/Flop Bubble of Microventures?. By this he means creating micro ventures for the sole purpose of selling it to some large company like Google.
I am a big believer in developing a company with the goal of making it as great as can be, with an eye on exit in public markets. I look M&A exits as options along the way. The problem is when you build to flip, you may be focused, but short sighted. Essentially, you loose IPO as the exit option and M&A opportunities you can’t foresee.
Which is really the whole idea of bootstrapping, you are focused on building a solid business from day one.