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Major differences are fund and work field. If researchers choose to work in academia, they can study on any field which is related to interest, but in the same time, it may be hard to find any fund. If they choose to work in the industry, they can find fund from the foundations which are related to line of business, but now, they may not work on out of that specific business' needs.
This is my point of view. I would like to hear other approaches and experiences.
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