To me, it sounded like, "let's find all the idea guys who can't afford a tech founder. Then we'll see which ones have the best ideas, and move forward with those. As a bonus, we'll know exactly where we'd be able to acquihire a product manager for it!"
I think I had ideas when I started. Naïve ideas, but still ideas, but I think having no idea yet is fine.
I'm highly capable of building some great things, but at my dayjob I'm filled to brim with things to do and a non-ending list of tasks in front of me.
I've built cool stuff before, and if given a little push and some support could probably come up with something useful - and I can implement much of it myself.
Put me in the room with cool people, throw out some conversation starters, shake it up and I'll come up with something.