As farmer_C has righty said it, that cannot be applied to all fields.

You can't expect a sociologist, a historian, a psychologist, or those in the pure science to work in the industrial corporate setting. For them, research activities are their "experience".

So, I believe you are referring to those in the business field.

However, I wouldn't say those working in the industry are the best teachers. Or they would have the best experience.

Let's compare a logistic manager working in the industry for 20 years with a professor (with zero hands-on indusrial experience) but who have actively carried out research for 20 years. Who has better experience here? It really depends.

The logistic manager may have hands-on working experience in two to five companies for over 20 years (his experience is only limited to the companies he worked in before) but a professor who have personally carried out research in the logistic area have seen the business outcomes/performance of several companies for over 20 years.

The same can be said between an accountant and an auditor. An accountant may personally prepare the accounts in one company but an auditor who checked the accounts of several companies is often said to have collected more experience than an accountant, although the auditor is not the one who prepare the accounts.

True. But research does not only involve surveys and mere reading.

There are some who carry out case study business research which involves close observation and in-depth interviews at corporate organisations similar to how consultants/auditors understand deeply about their clients' operations.

I know one PhD graduate who carried out a management "action research" for an MNC and that was his PhD thesis. He provided a solution for that company and he helped the company saved millions of dollars. He is akin to a consultant but he was not paid anything for his contribution to the company at the end of the day.

And some university academics are also involved in consultation activities with industrial practitioners.

So, it really depends on the individual academic of how he/she is involved in the research activities. If the academic is not involved in such research and consultation activities, then he will lose out. I believe that's how many corporate practitioners often misunderstand what academics actually do and they believe that academics only know their stuff "theoretically".