Vinod Khosla is a VC from KPCB, who is worth listening to.
"......it is one of the better times to start companies. We are seeing as many really good ideas as we ever saw. We're just not seeing very many of the not-so-great ones."

That's a bit of propaganda, actually. If they were seeing as many fundable businesses as before, they would be investing, perhaps not at the same rate of capital outflow, but certainly the same number of businesses. But they're not.