The incubators industry is undergoing changes. This paper focuses on these evolutions, through the prism of incubator business models. While the literature focuses on the incubators’ strategies from a static perspective, we develop a dynamic approach to understanding the strategic adaptation mechanisms used by incubators and that influence business models. We mobilized the dynamic capabilities theory to highlight the role of the key actors: incubator managers. The results of our qualitative longitudinal study prove that they develop dynamic capabilities when they sense and seize opportunities. Our main contribution is to demonstrate that their individual and collective ability to sense opportunities leads to transform the business models of incubators.