It's a good question.
I've seen it as both, but generally I've seen that the truly innovative stuff is trying to pull industry along. I'll give you a simple example in my area. As I mentioned to your colleague earlier, one way of trying to increase the amount of nitrogen that corn takes up is to alter the root system. Five years ago breeders at companies said that idea was a just waste of time. Now, three years later, and not necessarily because of our work--the world has changed, because fertilizer prices went through the roof a few years ago--they're saying it's a great idea.
My general sense is that academia and innovative farmers pull industry along, and not the other way around.