The emergence of industry platforms is a novel phenomenon impacting most industry. Industry platforms affect competitive dynamics as well as innovation at the ecosystem level and increase the degree of innovation on complementary products and services. We present a framework based on the C-K theory for understanding the formation and evolution of bicycle industry platform and discuss three research questions. Under which conditions and factors can we expect industry platforms to emerge and develop successfully? What forms do the platform take, in what context? What kind of platform leader's role should be put in place to ensure the best functioning of platforms and ecosystems? The research results provides a clear view over the formation and evolution of the industry platform, and based from these processes, find vital industry platform governance concepts that could be used as guidelines for industry wishes to design their ecosystem platform.