Completely disagree. I worked over a decade in the valley, and have now worked for several years in academia. The amount of bureaucratic nonsense I have to deal with now is a few orders of magnitude smaller than what went on in the corporate world. My first six months in academia were more productive than my last six years in the private sector.
Academia does not have the cash required to sustain a large bureaucracy. It's simply not there. Technologies that, in the corporate world, would be managed by a team of thirty people, in academia are managed by one person, because that's all they can afford. Things that took months, or years, now take hours, or days. It could not be more starkly different.