Agreed that innovation comes from many places including academia. However, graduates are a byproduct of academia, not its produce. Academia needs enrich itself

Agreed that innovation comes from many places including academia. However, graduates are a byproduct of academia, not its produce. Academia needs enrich itself with sufficiently educated (and "adequately" motivated) future personell. It is not a vocational activity, it is a self-serving sieve, selecting for the traits needed for working in academia. If you ever wondered why university courses often contain elements which are not that useful for doing actual work post graduation, you might have the answer right there.