I think the shared of industrial firms with academic it is very important issue , the academic increase success when have experience in industrial and industrial may be used the sciences and theories to increase the growth of business and success in the market.
I think through collocation with state Industrial department at the time of university admissions so that they can have close observation at the learning process during the student stay at the university
In our University, we institutionalized the Industry-Academe Cooperative Education Program Office, wherein our students are being sent to partner industries for on-the-job training; and we also established the Industry Advisory Council for each college in each campus for the continual improvement of our course curricula.
I can speak about UK where I am currently based. Here, we have something called 'catapult centres' (https://www.catapult.org.uk/home). Below is an extract from the above web site - "The Catapult centres are a network of world-leading centres designed to transform the UK's capability for innovation in specific areas and help drive future economic growth. These are not-for-profit, independent physical centres which connect businesses with the UK's research and academic communities."
This is basically what these are - employing various funding mechanisms and with the help of extensive industrial support, these aim to apply academic research ( low TRL level) to produce a technology that industry can use (high TRL level), acting as a platform between industry and academia. As one may imagine this demands commitment from all involved, i.e. academia, industry and the government.
It seems that this concept is picking up in India as well - in my recent visit to IIT Bombay, it came to my knowledge that there exists NCAIR (national centre for aerospace innovation and research) which employs similar concept as mentioned above. More research centers like these would most probably help bridging the gap between industry and academia in long run.