If you're building something that might only be attractive to one or two buyers, but there's a pretty good chance those buyers would buy should you make the product attractive enough, isn't that a reasonable strategy? (Maybe not quite a sure thing.)

There's all the difference in the world between one and two. If there's just one, you're pretty much at their mercy. They can wait you out. The problem with two is that it's next to one. If one of the two has a bad year and stops buying startups, you're now down to one.

So much for microstrategy. The bigger problem is that if you're making something only one acquirer would want, it's probably not important technology.