Preconditions, windows of opportunity and innovation strategies: Successive leadership changes in the regional jet industry

•Studies the drivers of leadership dynamics in the regional jet industry through the history of incumbents, successful and failed challengers.•Companies and governments strategically collaborate to achieve catch-up and leadership change.•Leadership necessitates radical innovations and multiple technological, demand or regulatory windows of opportunity.•Technological and financial capabilities limit the ability of challengers to implement innovation strategies and become leaders.•Incumbents fail by rationally choosing incremental innovation strategy given long lead times, sunk costs and unpredictable oil prices.