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Higher education systems are changing due to trends of accountability pressures, increasing social demands, and students’ expectations. While teaching and research are still considered as the pivotal functions of universities, other activities, over the recent years, have been added (e.g., technology transfer, lifelong learning, or public and civic engagement). These activities are generally labeled as third mission. This paper summarizes the process of the third mission evaluation in the Italian higher education context. More specifically, on the backdrop of main trends in defining the third mission, especially in the European area, the present paper reports an explorative study aimed to outline a conceptual framework for the evaluation of third mission activities and impacts.