While working on yeoman-sublime-plugin I faced an issue with the build system :

[Errno 2] No such file or directory for the same reason setpath was devised.

But later on a simpler method was suggest by @kevvayo :

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{
    "working_dir": "${project_path:${folder}}",
    "path": "$HOME/bin:/usr/local/bin:$PATH",
    "cmd": ["sh","-c","npm install && bower install"]
}

The trick was all about starting the shell :-)