At one time, they were considered a detriment or distraction to tenure consideration. Few of the people evaluating tenure packages had patents. And industry contracts are counted on a par with what comes from federal agencies. That change was driven not by universities, but by state government, because they have seen the role technology can play in economic development. A second motivation toward industry funding is that federal money is harder to get.
Industry hires people to be creative and to work in groups.
How well we prepare students is ultimately what we will be judged on. 128, and the Research Triangle Park.