When you approach the notion of start-ups and M&A using my lens, Netflix ( NFLX) becomes the next one to fall. Carl Icahn knows this, which is one reason why he decided to give Reed Hastings a little hell. Hastings responded, not surprisingly, by making it more difficult for Icahn to make a move; however, the Netflix CEO did this at what could be his shareholders' expense.

That's the kicker here. Companies such as Netflix and Zynga ( ZNGA) make perfect candidates to go the way of Zipcar, but their CEOs have enough control -- officially or not -- to block an unfriendly party from getting too hostile. While it does not and probably never will require a bailout, Facebook ( FB), controlled by Mark Zuckerberg, operates under the same structure.

If Hastings cares about his company and the future of Netflix as the streaming pioneer, he'll back off like the Zipcar founders did a long time ago. They let corporate executives take over and then make the right move, which, in this case, was giving up independence.

This doesn't mean, however, that Zipcar must cease being a start-up.

-- Written by Rocco Pendola in Santa Monica, Calif.
Rocco Pendola is TheStreet's Director of Social Media. Pendola's daily contributions to TheStreet frequently appear on CNBC and at various top online properties, such as Forbes.

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