You might be right. So this is the case for Aviate. How about other startups?

I am sure the same is true for all the other acquired companies. If you look through all startup acquisitions, the pattern is the same. You rarely see startups that haven't raised capital get acquired, unless they are actually successful.

Everyone under this branch made good points. Graduated from a top company with valuable experience is definitely a plus for this kinda scenario, but from my experience it's not a must.