Earlier quoted context omitted.
It seems like a pretty good career move to work for an old-guard company - say Nvidia, or Yahoo, or Lockheed - and then go found a frivolous company. See eg. WhatsApp. You end up competing with all the young folks who don't have that breadth of engineering experience that you can only get by working in a big company with a fair number of greybeards, but playing in a hot market.
How is building a robust SMS alternative frivolous? Is email frivolous? WhatsApp uses the internet to give low income families all over the world a first-class way to stay in touch. Writing communication apps for a Nokia N900 is not a sexy thing all the young kids are rushing to do.
I don't personally believe either one of them is frivolous, but I'm applying the standards of the article to this discussion. You can't have it both ways - if you believe Snapchat or Twitter are frivolous, WhatsApp's playing in the same market.