> My theory is that taste is one quality that separates the academics from the business people. Academia doesn't necessitate a lot of taste. If you have it, great. If you don't have it, no big deal.

This might be true for academics in ancient Greek literature, but certainly isn't true for academics in CS nowadays. If you don't have good taste in research problems that are {important for downstream industry applications, scientifically interesting, tractable}, you won't get anything done, and you won't get published. If anything, the pressure for academics to develop good taste is stronger than for people designing product. You can have a product that provides just one utility that users desperately need and have terrible taste for all the other axes that make a product "good," and do just fine. Academic papers get judged (in peer review / traction after publication) purely against the taste and aesthetics of other people in your community.