The text critically analyses the evaluation of the Third Mission and Knowledge Valorisation in Italian universities, with a specific focus on the VQR 2020-2024 exercise. The authors highlight differences between ANVUR guidelines and the international scientific literature, emphasizing how terms such as impact and added value are often used ambiguously. To overcome a purely bureaucratic logic, the adoption of a theory of change that promotes institutional learning and reflexivity is proposed. The goal is to transform evaluation from a simple formal compliance into a strategic tool to strengthen the social and civic role of the Universities. A concentric circles model is also suggested to better monitor the effects of interventions on territories and beneficiaries. In summary, the essay promotes a vision of evaluation understood as a transformative process capable of generating a real improvement in the way by which Universities develop their civic and social responsibility.