In this entry, we analyze Industry Life Cycle Theory and present the main patterns of evolution. First, we focus on the theory itself. We analyze the main tenets of the industry life cycle and the characteristics associated with each of the four stages of industry evolution. We also explain the origins of the theory, present the major criticisms, and identify avenues of future applications and directions. Next, we introduce when and how to apply Industry Life Cycle Theory in real situations. We present an interview with a manager of an innovation lab in a microfinance institution in Perú to show an example of the theory in practice. Finally, we introduce interactive scenarios that allow students to decide a course of action and receive feedback.