Re: "I guess it isn't an educational establishment"
"academic" is different from "educational" - OK, it's not a university, yet doing fundamental research would meet "academic" requirements for me, it's not that they can start to sell Higgs bosons or antimatter soon.
Microsoft apparently consider it synonymous with "educational". e.g.
"Academic Volume Licensing overview
For education customers who license software in quantity and manage software across multiple devices, Microsoft Volume Licensing programs may provide the most cost-effective way to acquire licenses. Microsoft offers both “subscription” and “transactional” (also known as “perpetual”) Volume Licensing agreements for education customers."
Since they make their rules, not me, there seems very little point in splitting hairs.