Ah, this is material for a "captain hindsight" meme. "If you didn't want your founders to party it up, you shouldn't have pointed a fire hose of money at them"

There may be "hard work" going on in the start-up world, but you'll have to seek it out. For every "serious" start-up you'll find 5-10 Zynga/foursquare/etc... clones.