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This chapter aims to address the market dynamics between incumbents and entrants with the focus of sustainability (environmental, social, and financial). Hockerts and Wüstenhagen (2010) hypothesize that the interaction between sustainable innovation and incumbents results in an industry's transformation towards sustainability, but evidence has not yet been provided. We use the emergence of aquaculture in the fish industry to first theorize the survival of sustainable innovation, and then empirically test incumbents' responses to the challenge of sustainable innovation. Data are collected from a sample of the eight largest publicly traded seafood companies between 2006 and 2014. Results show an increase of sustainability in incumbent firms in response to the challenge of sustainable innovations, and the effect of sustainable innovations is linked to the size of companies' aquaculture unit.