Industry evolution scholars define industry inception as the first instance of product commercialization, focusing on subsequent time periods of growth and maturity. Left understudied are the triggers, actors, and actions preceding industry inception. We integrate recent research in a preliminary framework, conceptualizing the incubation stage as activated by a “trigger” event—a scientific discovery, unmet user need, or mission‐oriented grand challenges—and continuing through the first instances of product commercialization. We focus on illuminating actions of multiple and heterogeneous actors that help reduce high technological and demand uncertainty, thereby shaping industry structure and strategic action post‐commercialization. To point, although the actors may be different, their actions follow a similar theme. We hope this framework spurs future research investigating the understudied incubation stage of new industries.