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On the cusp of the 2000s, the incubation industry had started to become competitive after 20 years of stability. The question of adapting incubators to this turbulent environment was now on the table. In this context, the aim of this article is to better understand the role of directors of incubators during the transformation process of their organizations. The concept of dynamic managerial capabilities is used as a means of responding to this gap. The capabilities of the directors of incubators were studied during a longitudinal multiple case study. The main contribution of this research is the partnership relationship built up by these actors to transform their organizations. The foundations of the directors’ dynamic managerial capabilities (cognition, human, and social capital) are then combined with the cognition, human, and social capital of their partners to seize opportunities: new incubation models that had been the subject of resistance to change within incubators.