The involvement of external actors can have a positive impact on the technology transfer efforts of engaged academics. While open and collaborative models for technology transfer are seen as promising alternatives to traditionally closed structures, there are limited insights about the unfolding of these collaboration processes, and on the implications for new technologies commercialization. We adopt a micro-level perspective to explore the dynamics between scientists and students in the commercialization of new technologies in a university setting. We use an embedded multiple-case study to explore the influence of knowledge interactions between scientists and students on the opportunity construction process. Our results suggest that the opportunity construction process and its outcome (enactment or abandonment) closely depend on the dynamic level of team consensus and response to new knowledge exchanges (path creation or path dependence). We contribute to the ongoing debate about rethinking academic entrepreneurship by taking into account the role of students. Simultaneously, we take multiple impact dimensions into consideration for the identification of alternative models for technology transfer.