There is a dynamic equilibrium between the academy and the industrial sector. Very often an industrial problem poses a challenge that a university researcher happens to be working on. That sometimes happens over coffee, believe it or not. They're able to provide very deep insight and solve a problem.
Conversely, a university researcher may have a wonderful discovery but is unsure of how it should be developed. Perhaps he doesn't even recognize how it should be developed. Having an industrial partner seize upon that invention will lead to innovation. My ideal model, of course, is co-location.
I see I'm out of time.