The "sugar water" phrase is often attributed to Steve Jobs in connection with his recruitment of John Sculley to be the CEO of Apple in 1983. Jobs famously asked Sculley: "Do you want to sell sugar water for the rest of your life, or do you want to change the world?". 

Elaboration:

The Context:

Steve Jobs was a co-founder of Apple, but he was not initially the CEO. Apple needed a more experienced business leader, and Jobs turned to John Sculley, the CEO of PepsiCo.

The Offer:

When Jobs offered Sculley the position, he framed the choice in a way that highlighted the potential for impact and innovation at Apple versus the more routine work of selling soft drinks at Pepsi.

The Metaphor:

"Selling sugar water" was a metaphor for a job that was seen as mundane and lacking in ambition or potential for significant change.

Sculley's Decision:

Sculley ultimately chose to join Apple, and Jobs saw this as a validation of Apple's potential to transform the world.