I mostly agree with this definition, though I don't know who would hire someone that can't produce any business value. Hell, why bother with a CS degree if your employer is going to teach you how to do everything?

IMO, there's no excuse to have a blank resume when you graduate. Someone goes through a 4-year CS program and has no side projects? No part-time jobs, no research, no internships, no contracts, no silly hacks or anything to show for the past 4 years other than a diploma? If there's a business that profits from re-re-rewriting bubble sort I'd love to hear about them.

There are probably better ways of answering the question, but I think all those position descriptions are asking is "can you actually do things that ?"