I found it to be an interesting claim. We'd have to look at what one buys when they get a startup. Focusing on tech, they typically get the team behind it, the tech itself, the userbase, the patents, and then anything else created. I think the team, users, and I.P. are most valuable components. Then, they tend to fold that into their other offerings or sometimes shelve it if it was for anti-competitive reasons.

So, it seems to me it's not a financial instrument. I mean, my understanding of finance is pretty basic. There could be instruments that represent what I'm describing. What I'm seeing, though, is that they're buying a market (users) w/ cross-selling opportunities, reduced liabilities if patents, and proven tech if they want it. It's more like investing in themselves through a third party they're bringing in for the enhancements they'll provide.