I have conducted academic research and now work in industry research. The major difference for me is the end results. Academic research always puts out new knowledge and whilst there are time frames they are usually a lot longer. When I was doing my research I was given the topic to investigate and a time frame that was was much greater than what was needed. Now I was a student so it allowed me time to do my other school work. It was generally a much more relaxed environment. Everyone who was there knew what they had to do and that they had pretty much as much time as they needed. In my last year, one of the PHd candidates finished his thesis after seven years.

My experience with industry research has been much different. It is much more about outputting a products. Whilst I am not in the R&D lab, I have a friend who is. He was given his project, which was to create a new form of cleanser, and given 6 months to have a fully functional prototype. He was given a large, predetermined budget and any help he needs, but has much less time and a much more defined role. He is not discovering anything new, simply using what is already known about chemistry to create a product. But when the product is released he will know that it was all him

So my arguments for academia are this: more freedom, more time, and less stress. My arguments for industry are: more money, more recognition, and an ability to see physical results in stores.