What we all need to recognize is that capital is not based on meritocracy. It's based on relationships. Yes, the business has to be disruptive or at least scalable to attract venture capital. VC's invest in PEOPLE first, and businesses second.

While the active and messy life-cycle of company building is far from being boiled "down to a science," entrepreneurs will be a step ahead if they focus on people, strategic financing and iteration.

What's been occurring for the last 50 years within Silicon Valley's tight cluster of suburban towns is nothing short of an "entrepreneurial explosion" on par with classic Athens, renaissance Florence or 1920's Paris.

Depending upon where you're standing, the tone of the market looks very different. Froth or famine? Both can be observed in nature.