At this point it's not a 'partnership' -- industry has co-opted and taken over academia to a startling and troubling extent. Universities are expected to pump out software engineers trained in industry best practice, not thinkers and theorists, and woe betide any school that doesn't toe the line. Research is pushed towards corporate interests as requested in this article here and people just give up. As public research is defunded corporate money has to fill in, which forces academics to make some noises about "applications" or "industry" when they write their papers in hopes of more funding. In any paper, no matter how theoretical, you can make it sound like it has "applications". If someone published the halting problem today, the first half of the abstract would be "as industry deals with more and more complex programs and terabytes of data that are distributed as services in the cloud, we need to understand if there are limits to what we can compute. We present an argument that there are limits, and describe some practical applications".

Many capitulate altogether, trying to do industry work from their academic position. It is these last people who should get out.

The creation of the internet worked wonderfully. It was invented by academics based on government grants when it was basic research, and then refined and turned into something practical and workable and, most importantly, profitable, by industry. Exactly as it's supposed to be.