Ugo Rizzo considers academic spin-offs, i.e. businesses generated to put on the market research results developed within the academic environment. He examines how opportunities are recognized and exploited, and how they can be linked to the process of creation and development of academic spin-off firms. Analysing empirical material collected through interviews with academic spin-off firms of the University of Manchester (United Kingdom) leads to the conclusion that commercial and non-commercial academic spin-offs cannot be compounded. Even more heterogeneity can be suspected. This may have important implications, and definitely calls for further research.