Hedge funds are much more dependent on recommendations and pedigree, than academics (though it still is important in academics). If you are from Goldman Sachs and worked in a successful group, you can probably get capital regardless of your idea because of the reflected glory of your old colleagues. If you have a great idea, but figured it out in your basement, are currently getting a phd at Iowa State University, with no publications, it is improbable you will get any money for your idea. Sure there are exceptions, but the guys at the Journal of Finance are more discerning than the guys at Citadel when it comes to ideas from nobodies (not that I would give money to the editors of the Journal of Finance). 

The cost of making a mistake is low for journals: Unless a journal publishes too many plain stupid articles, wrong results will be associated with those who published them and not with the journal itself. Furthermore, publishing an article with wrong results could be net positive as it might stimulate further research.

On the other hand, hedge funds are much more risk averse, especially when their priors have to be based on recommendations and pedigree without first-hand knowledge of a person