It doesn't matter how fast you spin your wheels working on things unless those things are aligned with delivering value to actual paying customers. Politics also doesn't really matter. Well, it matters to idiots, there are certainly a lot of those out there, and there's some truth that if you piss off the wrong idiot you're likely to be kicked out to the curb. But at the end of the day the times I or anyone else I know has created real business value, it has been heavily rewarded with promotions, money, etc.
The problem I see with a lot of academics is, like you mentioned, even if they are smart and spend a lot of time on interesting and hard problems, if they can't draw a straight line from their project to whatever business problem they are actually solving they don't last particularly long.