At a time when government funding for research is tight and talented investigators spend more and more time filing grant applications, and less and less time in the lab, a successfully licensed patent can provide a new and useful invention or discovery to the public, while also providing a source of income to the laboratory and institution that developed it. In this way, more resources will be available for laboratory equipment and salaries to aid successful researchers in their traditional roles as scientists and educators. There are, of course, personal economic incentives too. Your ability to attract funding will determine what you can accomplish. A track record of patented inventions which have been licensed to industry can increase the likelihood of obtaining sponsored research, which may be necessary to achieve your research goals.
Most universities share with inventors the income generated through the licensing of inventions.
Such policies allow faculty members to capitalize on the value of their creativity without having to leave the university for industry. There are intangible benefits too. It is satisfying to see the ideas generated from your labor put into use for the benefit of the public. You have the power to affect the quality of people's lives, and perhaps even life itself. Your state laws and particular employment circumstances must be considered.