College faculty work outside academia may improve the college level. Although in some fields it couldn't improve their academic level, but I strongly agree with the topic, faculties share their professional knowledge in the pratice.
Students can learn much easlier and more interesting about their courses. When the faculty work outside academia, what is been met must be different from lab or original own working world, isn't more benefit than primary view? Moreover with the development of the technology, what the students learn in the university is more and more incompatible with what the enterprises require. So having the professors working outside the academic world could relate with the most popluar trend so that help their students to gain more practical knowledge and know what the enterprises need most.
Moreover, the knowledge written on the book are generally outdated. Most of the mature technology is in the enterprises outside campus. For example, in IT areas the most development methods is in the enteriprise, but in college what we have learned is although the classic not the most pratical. These improvements rarely feed back to the academies. By working in those enterprises, the professors could master these latest technologies and pay more emphasis in his courses and therefore may avoid defective designs that could result serious problems.So faculty could aslo get benefits from the working outside. What they have the most basic pure konwlege,which could help some companies to avoid series diffculties and meanwhile they may get extend reserch funds from their outside working, also shcool may recive more fellowship donated.
Besides not all the aspects could benefit from the working outsides.Math is the example, which is not useful during the normal jobs, and math professor couldn't slove the difficluties outsides even could damage their special skills.
To sum up, working outside the academic, which may benefit the stduents and the school, also help themselves.