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This paper addresses the role played by academic spin-offs in the process of transformation of scientific and technological knowledge originating from research organisations (ROs) into viable technologies, products or services. It first discusses the need for such transformation, the reasons why, in some circumstances, spin-offs firms are particularly well positioned to conduct or orchestrate it, and subsequently looks in detail at the transformation process as it occurs in practice, in the biotechnology field. Three types of transformation functions are identified and described in detail, emphasising the outcomes that might not have taken place without the entrepreneurs’ intervention. It is concluded that, in performing these functions, biotechnology spin-offs play a valuable agency role in the access, application and dissemination of knowledge produced by ROs, emerging as an alternative to ‘technology transfer …