Opinions like this make me happy that I accepted a graduate job at an investment bank (with the hope that I will be able to develop something on the side) instead of going for a startup after finishing university.
That is a far cry from the policy I experienced at MSFT. Doing free reviews on my own time of books being published by Microsoft Press on products I was an engineer on required approval from my VP.
Interesting. My first programming job was in a finance company who had a "we own everything you make, here or at home" policy. My manager said most finance companies would rather pay people more than have them working on things outside of work, which I took at face value. Knowing that was how I enjoy learning most, it was a big factor in my leaving.