Here is my experience for being an industry co-chair for I3D, a small but prominent venue in graphics, games, and HCI, in 2011 and 2012.
What
The industry chair is a member of the conference organizing committee, with two main responsibilities: getting corporate donation, and organizing industry talks/panel.
Why
I said yes to someone who asked me to do this in 2011 because I like I3D and want to try conference organization. This also paves the way for being a general/conference chair and a paper/program chair.
How
Attracting funding and speakers depends on the visibility/relevance of the venue and your personal connection to the industry.
With a good venue and sufficient personal connection, it should not be too hard or too time consuming to be a good industry chair. Just be relentless in begging money and inviting speakers.
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