There is inconclusive evidence on the effectiveness of information and communication technologies (ICT) at the industry level. Using the influence-impact model as a theoretical framework, the authors apply data mining techniques to identify ICT, financial, and geographical predictors of industry performance. The authors find that ICT are necessary but insufficient, and a mix of technical advancement, financial factors, and geography affect industry performance at different stages of development. These findings are used to discuss ICT for development (ICT4D) research, and abduct hypotheses for theory development with implications for future research.