If by "you're on dope if you are banking on an acquisition" you mean "you're on dope if you are banking on being acquired eventually" then it's sort of a funny point to be made by a VC. If you're taking VC money then presumably you're working toward a liquidity event and I am not hearing about many ipos these days.

I'm guessing his intended point is closer to the interpretation, "you're a dope if your banking on some specific acquisition" though sometimes he's not totally clear.