The benefits of faculty consulting to the consultant, to the organization receiving the consulting, and to the university are discussed in this speech. The first benefit is that consulting supplements faculty income. It is argued that this enables a university to retain people they might not otherwise be able to afford. It is also pointed out that outside consulting enables a faculty member to stay current with developments in his field, help spread the latest research findings to the newest technological applications (technology transfer), and assist in getting the latest research incorporated into the technology. The advantage to industry of using university-based consultants is described as economically and technologically more efficient, in that rather than maintaining a staff of specialists, the organization can draw on the most outstanding talents in almost every area on an as-needed basis. (SPG)