Where would computers be without transistors, which stemmed out of solid state physics, which stemmed out of quantum mechanics, which in turn stemmed out of advanced mathematics? At the end of the day, all of these technological toys we have today stem out of basic research. You see what I'm getting here? The basic fronter research done by academics at public and private research institutes eventually makes its way down to useful technology. It just takes time.
Academia is where basic scientific concepts are established; commercialization comes after. You cannot have one without the other.